discharge of debts Archives

You may not think of bankruptcy as a solution to your tax problems. But do look into it before the tax collector starts grabbing at you.

It's much safer than under Chapter 7 because the protection lasts for years instead of just a few months, and is more flexible.

It's much safer than under Chapter 7 because the protection lasts for years instead of just a few months, and is more flexible.

To forever discharge a tax debt, technically you must meet each of 4 conditions. But practically speaking, you meet 2 of them automatically.

If you owe too much debt but still need the benefits of Chapter 13, consider "Chapter 20."

Give gladly to your Chapter 7 trustee assets that you don't need, if most of the proceeds of sale of those assets are going to pay your taxes.

Protect your business assets immediately with the "automatic stay" and permanently with property exemptions.

Ongoing litigation, or the threat of it, against you and/or your business usually dies with your bankruptcy filing.

Closing down a failing business can be a lot smoother with a Chapter 7 case.

Filing Chapter 7 bankruptcy in the midst of letting go of your home can be a smart combination.

When you start a Chapter 13 plan, it's good to have Chapter 7 available as a backup plan.

You can usually get out of an ongoing Chapter 13 "adjustment of debts" bankruptcy case by simply asking to do so.