While some tax debts can be discharged through bankruptcy liquidation, there are exceptions. Section 523 of the Bankruptcy Code identifies three debts you must repay: 1. Unfiled tax returns. If you did not file a tax return for the year the debt is assessed, you cannot obtain a discharge. If you filed late tax returns,…
Whether or not you suffer personally from filing bankruptcy to protect your business depends on the chapter you file. If you file chapter 7, you (and the shareholders of your corporation) can lose your stock values if shares are liquidated with the corporation's assets. If you file chapter 13, the shares of the corporation will…
The US Bankruptcy Code is designed to protect both debtors and creditors. The court will not allow you to pick and choose which debts are worthy of repaying and which are not.
When a debt is discharged in bankruptcy, it does not have to be repaid — but not all debts can be discharged. Keep reading for a list of debts you can discharge in bankruptcy.