Student loans are not dischargeable in bankruptcy, except in cases where it would create an extreme hardship on the debtor to pay back the student loan.
Contrary to common belief, income taxes can be discharged in bankruptcy provided that:
- The taxes are at least three years old.
- The tax returns must have been actually filed at least two years ago.
- Any assessment was more than 240 days ago.
- The debtor did not engage in any type of fraud or tax evasion.
California Bankruptcy Attorney Diane Anderson answered the question “What Can You Keep In Bankruptcy?”
- Most people do not lose any of their belongings in bankruptcy. The end goal of bankruptcy is to get you back on your feet financially. Therefore, your basic necessities are protected in bankruptcy, so as to help you re-establish yourself.
- The equity in your home and most of your personal belongings will, in all likelihood, be protected in bankruptcy.
- The exemptions (the bankruptcy law which protects your assets) are very complicated and you should consult an attorney to maximize the protection that you are afforded under Bankruptcy Law.
Contact us today to work with a lawyer who cares about your situation. Work with a team of experienced bankruptcy attorneys to learn more about your rights and responsibilities.
At Law Offices of Diane Anderson, our bankruptcy attorney is highly devoted to assist you with the finest bankruptcy plan to fit your needs. Learn more about your options and alternatives. There are multiple types of bankruptcy that can help individuals be comforted of their debts. Contact our California bankruptcy attorney for a Free Consultation. Our California bankruptcy attorney will help you with filing bankruptcy and help you get a financial fresh start.