Examples of the types of debts that are commonly eliminated in bankruptcy include credit cards, signature loans, medical bills, utility bills,
old income tax debts, and deficiencies owed due to the loss or repossession of property.
A job loss, a divorce, outstanding student loans or
old income tax debt can seriously impact our credit score for many years.
Not exact matches
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The bankruptcy fully discharges the shortfall as a (now) unsecured
debt, just like all other
debts dischargeable in bankruptcy: credit cards, unsecured lines of credit,
income tax arrears,
older student loans, etc..
Your typical
income tax debts can be discharged in bankruptcy if the
taxes are
old enough.
Federal
income tax debt may be discharged if it is more than three years
old, was filed more than two years before the filing and the debtor didn't file a fraudulent
tax return or try to avoid paying
taxes.
Income tax debts that are
old enough can be discharged.)
In some cases, if you have
income tax debt that is
old enough to be considered a nonpriority
tax obligation, it can be discharged.
Many 48 year
olds have numerous needs to cover, including mortgage
debt, final expenses, future college expenses for their children,
income replacement, and future estate
taxes.