Back taxes are difficult to discharge in a bankruptcy, but it is not impossible. Back taxes are after all unsecured debt, which are dischargeable in a Chapter 7 bankruptcy - meaning the obligation to repay the debt is eliminated. However, it is widely know that the IRS typically files a lien against property when they are not paid. If that lien is filed before an individual files bankruptcy, a bankruptcy attorney will have to negotiate that lien separately despite the bankruptcy discharge. … [Read more...]
Archives for November 2023
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Chapter 11 Bankruptcy Protection for Small Businesses
Chapter 11 bankruptcy allows a business owner the opportunity to restructure a business while it continues to operate. If a business owner is facing high amounts of debt, but believes that the business can thrive after some reorganization, then filing for Chapter 11 bankruptcy may be an ideal solution to solve a difficult financial situation. Chapter 11 Bankruptcy As part of the Federal Bankruptcy Code, Chapter 11 is commonly referred to as a reorganization bankruptcy. Chapter 11 is available … [Read more...]
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