Can you discharge income taxes in bankruptcy?
The United States Bankruptcy Code sets out specific time periods that determine whether you are eligible to discharge income taxes in bankruptcy. The 3/2/240 Rule. The 3/2/240 rules provides that…
What is a Chapter 7 bankruptcy discharge?
The Chapter 7 Discharge A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor.…
How does Chapter 7 bankruptcy work?
How Chapter 7 Works A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business…
Are you eligible to file Chapter 7 bankruptcy?
Chapter 7 Eligibility To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11…