Filing for Bankruptcy
While most people (and many tax professionals) do not know how the bankruptcy laws can help with your tax problems, perhaps the same number really do not understand bankruptcy at all. Barbra Joyner is experienced in handling the various types of bankruptcies and using bankruptcy to help, not hurt you.
Chapter 7 Bankruptcy
- The most common type of bankruptcy.
- Debtor generally loses all his assets (except "exempt" assets).
- Debtor generally wipes out (discharges) all his debts (except certain "non-dischargeable" debts ).
- Still available if debtor's debts are not "primarily" consumer.
Chapter 13 Bankruptcy
- Increasing in popularity.
- Debtors generally keep their assets.
- Debtors generally pay their debts according to a "plan".
- Debtors commit their income, in excess of necessary living expenses, to repay all or a portion of their debts.
- Plan life is usually 5 years.
- At end of plan life, unpaid debts are discharged.
- Useful for mortgage foreclosure.
- Still discharges tax debts that would have been discharged in a 7.
We know the answers and we can help solve your tax problems!
Contact us now to get your life back.