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Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
A couple of the rules for discharging tax debt include that it has to be income tax debt and it must be three years old or older. If you need help with tax debt, you may want to reach out to ...
If you were to file for bankruptcy, you might experience an unwelcome shock in finding out this does not discharge all forms of debt. Those who carry certain debts are still held responsible for ...
This patchwork of bankruptcy laws made it difficult for people in debt to get out of debtors' prison. In light of this history, the Court interpreted Congress' power under the Bankruptcy Clause to make "uniform laws on the subject of bankruptcies" to include the power to abrogate state sovereign immunity.
It was in the Bankruptcy Act of 1898 that the modern system of bankruptcy law in the United States was established. This law provided for both voluntary and involuntary bankruptcy and allowed for the discharge of certain debts. The 1898 Act also established bankruptcy courts and created the position of a bankruptcy trustee to oversee bankruptcy ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Remember that some types of debt, like student loans or tax debt, do not get discharged in bankruptcy. If you’re struggling with other types of debt, you may want to seek other alternatives.
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made changes to American bankruptcy laws, affecting both consumer and business bankruptcies. Many of the bill's provisions were explicitly designed by the bill's Congressional sponsors to make it "more difficult for people to file for bankruptcy."