Monthly Archives: September 2023
Can You File Bankruptcy on IRS Debt?
You bet. In most cases, bankruptcy discharges IRS tax debt, gives taxpayers more time to pay, or both. Back taxes are a big issue for many of the nation’s seventy-five million freelancers. Many parts of the country, especially large urban areas like Chicago, didn’t fully get back to normal until sometime in 2022. So,… Read More »
Should I File Chapter 7 or Chapter 13?
Filing choice usually depends on the type of debt. People with burdensome unsecured debts, like medical bills and credit cards, usually file Chapter 7. Debtors who are behind on mortgage notes and other secured debts generally file Chapter 13. Procedurally, the two major forms of consumer bankruptcy are almost identical, except for the length… Read More »
Can Student Loans Usually be Discharged in Bankruptcy?
For many years, the answer to this question was a depressing “usually no.” Now, the answer to this question is an encouraging “it’s complicated.” As his outright student loan forgiveness plan faltered, Joe Biden ordered the Department of Education to release new guidelines regarding bankruptcy and student loans. These discharge guidelines, which are examined… Read More »
Bankruptcy Filing Rates Soar
High interest rates and inflation are starting to take their toll, as Chapter 13 bankruptcy filings increased 23 percent in the first half of 2023. “The growth in filings is reflective of more families and businesses facing surging debt loads due to rising interest rates, inflation, and increased borrowing costs,” American Bankruptcy Institute’s executive… Read More »
