Bankruptcy can stop collection and eliminate tax debt in many situations. For more details on tax discharge see the article I wrote about Bankruptcy Tax Discharge on my personal site. While bankruptcy can be a very useful tool in dealing with the Internal Revenue Service and state collectors, it will not solve all problems. In many cases, a tax [...]
Kent Anderson, Oregon Bankruptcy Attorney
Bankruptcy is not always the best way to get rid of federal tax debt. Given enough time, the tax may just go away. The IRS is given 10 years from the date the tax is assessed to collect in most cases by 26 USC §6502, a section of the Internal Revenue Code. The date after [...]
Credit card debt is frequently discharged in bankruptcy. Taxes can be paid with a credit card. State and Federal governments accept and even encourage such payment. However, a credit card debt incurred to pay tax is probably not dischargeable. There are at least two important reasons why credit card convenience may result in non-dischargeable debt. [...]
Despite state laws legalizing production of marijuana for medical use, it is not a legitimate revenue source to fund a Chapter 13 Plan. Medical Marijuana laws have been enacted in sixteen states and the nation’s capital city, Washington, DC, as of September 2011. An additional six states have pending legislation to legalize the use of [...]
The majority of Chapter 7 bankruptcies in most jurisdictions end up being no-asset cases. This means that all the debtor’s assets are exempt. In such a case there are no assets for the trustee to administer and distribute to creditors. An exempt asset is an asset that can be removed from a debtor’s estate under [...]
It is becoming more common for debtors to receive notification of a proof of claim in their bankruptcy from a party they have never even heard of, let alone dealt with. This often takes the form of a company claiming to have purchased credit card debt from the credit card company after the debtor filed [...]
