Friday, September 30

Tag: Taxes Are Not Discharged in Bankruptcy

Bankruptcy Law – Taxes Are Not Discharged in Bankruptcy
Bankruptcy Law

Bankruptcy Law – Taxes Are Not Discharged in Bankruptcy

Bankruptcy is a legal process that allows individuals and entities to get rid of their debts. Bankruptcy is usually imposed by a court order or initiated by the debtor. This article explores the different aspects of bankruptcy law, including tax issues. Taxes are not discharged in bankruptcy, though debtors generally are. This can be a confusing issue for many. This article will explain how bankruptcy can work for you and what to expect if you file for bankruptcy. Chapter 12 bankruptcy There are several things to know about chapter twelve bankruptcy law. Firstly, debtors must file a repayment plan within 90 days of filing for bankruptcy. It must outline how the debtor plans to repay all claims over three to five years. The plan must also provide for priority claims, which are those ...