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Debtors who are faced with frustrating financial obligation due to scenarios beyond their control such as a sudden job loss, a pay cut, a cut in hours, and a medical emergency, death in the family or divorce might have no other option however to declare insolvency.
Insolvency is not always a bad thing, it has actually received a bad reputation in years past however in today's economy, it is providing debtors a much needed fresh start. Insolvency provides individuals hope; it's the…Continue
Having to apply for insolvency can be an exceptionally difficult choice, one filled with stress and trepidation. Many everyone is worried about the effects of filing and the reaction they receive from their peers and family members. Often one's financial resources can spiral out of control and insolvency can often be the very best option and implies to a fresh start.
What exactly is personal bankruptcy?
When personal bankruptcy is declared, a specific or…Continue
You owe taxes to the Irs (IRS). To make matters worse you find out the IRS has actually put a tax lien on your residential or commercial property with the county recorder's workplace. What can you do? Is the tax lien dischargeable in personal bankruptcy?
Under 11 U.S.C. A A 507 and A 523, the list below taxes are dischargeable in bankruptcy if:
1) The return was last due at least 3 years prior to the insolvency petition was submitted;
2) The tax claim was assessed within…Continue