Debt from credit cards and bankruptcy is one of the most talked about topics. Personal loans, medical debts as well as mortgage repayments can also be a factor. It is common to consult bankruptcy lawyers to assist you in understanding the IRS as well as bankruptcy law.
There is a common misconception that bankruptcy can allow the person to legally repay all their outstanding debts. Most often, bankruptcy allows the person to eliminate auto loans, personal loans along with mortgages, as well as credit card debts if one meets the requirements for filing a Chapter 7 bankruptcy. For those situations one must accept the possibility of giving up their car or home. If a person files Chapter 13 bankruptcy will be able to repay all their dues in accordance with an approved repayment arrangement. Businesses can also make a Chapter 11 bankruptcy. A majority of the cases can’t be discharged from debts like past due tax obligations for state and federal taxes as well as child support. uxv2ge8k7q.