Not surprisingly, many people who are in a difficult financial situation may not only fall behind on credit cards or house payments, but also the payment of past due income tax. While most taxes cannot be eliminated in a bankruptcy, there are certain situations which may allow you to discharge tax debt. If you are seeking a liquidation of your debts, Chapter 7 may be your best option. Under Chapter 7, federal income taxes may be discharged if certain conditions are met, such as: ~ the … [Read more...]
Archives for December 2017
Delaying the Foreclosure of Your Home
Many people will file Chapter 13 bankruptcy to stop home foreclosure. Rather than liquidate your debts through a Chapter 7, a Chapter 13 allows you to restructure or reorganize your debts while protecting your assets. However, sometimes people are not in a financial position to continue to make payments on their home and may have no equity, so they may decide to file a Chapter 7 and walk away. The filing of a Chapter 7 “liquidation bankruptcy”, stops a pending home foreclosure while the … [Read more...]