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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.
Chapter 7 bankruptcy involves discharging debt through liquidation. ... Back taxes: If you discharge all your debts but still have back taxes that weren’t dischargeable, ...
Non-dischargeable debts: Not all debts are dischargeable through Chapter 13. For example, student loans, certain tax obligations and domestic support arrears generally remain your responsibility ...
There are 19 categories of debt excepted from discharge under Chapter 7, 11, and 12. Several types of debts are generally not dischargeable in bankruptcy under §523. These include certain taxes, such as payroll taxes, student loans, child support, alimony, and debts arising from fraud or intentional wrongdoing.
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Common exceptions to discharge include child support, income taxes less than three years old, property taxes, student loans (unless the debtor prevails in a difficult-to-win adversary proceeding brought to determine the dischargeability of the student loan), and fines and restitution imposed by a court for any crimes committed by the debtor.
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
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 ...