In most scenarios, you might be liable for tax debt after declaring bankruptcy. But in some very special cases discharge of tax debt is also allowed. Debt Discharge Forgiveness of a debt or cancellation of a debt is called debt discharge. In taxable income to the debtor, debt discharge is the result; except, in case, […]
Separating Truth from Fiction Bankruptcy is usually the last resort for a debtor; however, this step should not be taken lightly. Going bankrupt with full knowledge might save you a lot of trouble later. There may be many myths floating around about being broke, but not all of them are true, and differentiating between them […]
Hard times hit everyone. They hit some harder than others. No one wants to file for bankruptcy. Sometimes there is just no other alternative. It’s just the last resort. Losing the place you live in because of bankruptcy can be a huge nightmare. A home is your sanctuary, your base of operation and a lot […]
Many fears come with filing bankruptcy. Will you lose your house? Will you lose your business? Will it take a very large portion of your life? Some of these fears are valid and some are not. Mostly it depends upon your circumstances and the type of bankruptcy you have filed for.