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Posts Tagged ‘us bankruptcy code’

Bankruptcy and Tax Debt

April 24, 2015  |   Tax Tips   |   Tags: , ,  

If you are in a bankruptcy and have a tax debt, you can have your debt discharged under Chapter 7 and Chapter 13 of the bankruptcy code. Income tax debts, however, cannot typically be discharged under Chapter 13. For the discharging of a tax debt, Chapter 7 is often preferred over Chapter 13. Chapter 7 allows full discharge of allowable debts whereas Chapter 13 offers the opportunity to ...