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The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial ...
Under a Chapter 7 bankruptcy, the court can liquidate your nonexempt assets to pay your outstanding debts. However, making a payment that’s late by a few days due to an unexpected financial ...
Debts not listed on the bankruptcy schedules or debts intentionally concealed in the proceedings cannot be discharged in bankruptcy. [15] Debts dischargeable in Chapter 13 but not in Chapter 7 include debts for willful and malicious injury to property, debts incurred to pay non-dischargeable tax obligations, and debts arising from property ...
Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]