Category: How To Avoid Bankruptcy Debts
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The filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however, certain restrictions which must be met in order to completely eliminate personal income tax liability through bankruptcy.
Some personal income taxes may be eliminated through the filing and subsequent discharge of a Chapter 7 bankruptcy. The following requirements must be met for the personal income tax liability to be eliminated in a Chapter 7 bankruptcy:
• The tax return must have been filed on time
• The filing should not be fraudulent
• The tax return must have
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New Bankruptcy Laws 2005, effective October 17, will make it more difficult to discharge your debts by filing bankruptcy.
Changes to the law in the form of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, are due to complaints by the banks and other financial institutions who cite abuse of the bankruptcy laws by financially irresponsible consumers.
Worries, however, abound that the New Bankruptcy Law will leave the most vulnerable in society - namely, the elderly, low income families and single mothers - with no protection against unmanageable debts due to job loss or other unforeseen circumstances.
Changes to the law
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