Tag Archives: nondischargeable debts
The Effects of Bankruptcy on Your Tax Obligations
While tax obligations generally cannot be avoided by filing for bankruptcy, there are certain exceptions. Taxes may be dischargeable depending upon the nature of the tax debt and the debtor’s actions prior to filing bankruptcy. There are two prerequisites for seeking discharge of taxes in bankruptcy. First, the obligations must be for federal, state or […]
Adversary Proceedings to Deem Debts Nondischargeable
A bankruptcy ends with a cancellation of all debts except for those determined to be nondischargeable. Sometimes a separate trial — known as an adversary proceeding — is required to decide a creditor’s claim that a debt should not be discharged. A creditor may raise objections to discharging certain debts, such as these: Debts obtained […]
