Declaring bankruptcy can be a daunting process. Many people, when faced with this decision, often rush into it without considering the potential benefits of waiting. However, in certain situations, it may be advantageous to delay declaring bankruptcy.
People in financial trouble often file for bankruptcy. Bankruptcy is a legal protection that halts collection efforts on existing debts and can allow debtors to wipe out debts completely or reorganize their finances to pay off those debts, perhaps at a reduced amount. But do these bankruptcy protections apply to tax debts? The answer is, it depends on your circumstances.
There is an age-old saying – the two things in life that are guaranteed are death and taxes. Surprisingly, when tax law intersects with bankruptcy law, some taxes may actually be dischargeable in bankruptcy. Understanding taxes and how they are handled in bankruptcy can be complex. If you are considering bankruptcy, you will want to…
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