Give the bankruptcy trustee the headache of dealing with your final business assets
Chapter 7 can legally write off some business-related taxes, and put you in a good position to take care of the rest.
Closing down a failing business can be a lot smoother with a Chapter 7 case.
Chapter 13 protects you while you catch up on or pay off very important debts.
If you expect to owe 2012 income tax, you may be able to take care of it simply by paying less to your other creditors.
If you expect to owe 2012 income taxes, and you file bankruptcy after December 31, that tax can be “included” in your case.
It’s human nature to hold off filing bankruptcy until after the holidays. Here’s what you need to know once you think again about filing.
Each spouse in a marriage with significant tax debt has his or her self-interest, which may need a different solution than the other spouse.
Finding the best way out of this seeming Catch-22 depends on a full understanding of your unique situation and your goals.
Filing bankruptcy with or without your spouse, and under Chapter 7 or Chapter 13, may affect what protections you each receive.
Chapter 7 often protects you from creditors well enough. But if need be, Chapter 13 protects you longer.
Chapter 13 costs much more than Chapter 7, takes about 10 times as long, so you do a Chapter 7 if possible, right?