Chapter 13 gives you huge advantages for paying off your priority income tax debts. You're protected while you pay what you can afford.
Other bankruptcy benefits for your home include protection against other liens—from judgments, income taxes, and homeowner associations.
Found so much interesting about taxes that wouldn't fit into our last blog, so had to give you more. Such as the income and taxes of the wealthiest tax return filers.
The amount of your income may not disqualify you from Chapter 7.
Once garnished, that portion of your wages or salary is forever gone. With one exception.
Bankruptcy quashes a garnishment, but only if it's filed in time.
Bankruptcy protects your paycheck because it's more powerful than a creditor's garnishment court order.
Increasingly, the rich live among the rich, and the poor among the poor. Especially in the big cities of Texas. Less so in Miami, Cincinnati, Boston, Sacramento, and Portland.
Over the last 30 years in America, more of the rich are living among the rich, and more of the poor are living among the poor.
If your family income is more than the "median family income," you may still be able to file under Chapter 7.
If your financial life is legally simple, your bankruptcy will likely be simple. What is is about your financial life that makes for a not so simple bankruptcy case?
What does it take to write-off a student loan in bankruptcy? An "undue hardship." And that is a very tough standard to meet.
Eligibility can turn on 1) who is filing the bankruptcy, 2) the kinds and amounts of debts, 3) the amount of income, and 4) the amount of expenses.