This post is authored by bankruptcy attorney Michael Benavides. Mr. Benavides represents Northern California clients in chapter 7 and chapter 13 bankruptcy.
Special Debts that May or May Not be Dischargeable
During the bankruptcy intake, Michael Benavides will list your debts, especially your secured debts. Some debts like hospital bills, credit card debts, repossessions, and foreclosures can all be eliminated – perhaps even older IRS tax bills. Certain types of debts are not dischargeable such as student loans, and child support. However, by eliminating the unsecured debts, you then you can make your other bills or catch up on your secured debts like your mortgage or car note.
Call me at 916-587-1003 to set up a free meeting to discuss your options. We can review your situation and discuss your options, setting you on a path toward eliminating your older, unsecured debt, or stop your upcoming trustee sale (foreclosure).
Debts That May or May Not be Dischargeable
These usually cannot be discharged:
- Student loan debts
- MOST tax debts owed the IRS – call me today if your taxes are 3 years or older at 916-587-1003
- Child support and alimony cannot be
- Debts after divorce if stipulated by the Court – this is why it is better to file bankruptcy before divorce!
- Payroll taxes owed by small business owners cannot be discharged
Discharging Some Tax Debt, but Which Ones
Some older IRS tax debts can be discharged entirely, but only if they are older than 3 years. Whether your income tax debts are older or not can depend on your official income taxes if they are complicated – so get them in advance if you are uncertain. The tricky part is figuring out when the taxes were filed as well, when the return was due (tax year), how long ago the tax was assessed, and whether there has been an audited.