Can Unpaid Taxes be Discharged in Bankruptcy? 4 Conditions That Need to be Met First

Many people are surprised to learn that some local, state, and federal taxes are dischargeable in bankruptcy. However, it’s a complicated process to determine what tax debt qualifies, and not everyone who tries to have their tax debt forgiven will succeed. That said, if you owe a significant amount of back taxes and are in financial distress, it’s probably worth your time to see if your tax debt qualifies for discharge. Seek to Discharge Tax Debt as a Last Resort While it’s possible to discharge tax debt, it’s difficult to do and should be utilized as a last result.…

Unemployment and Bankruptcy: Everything You Need to Know

The loss of a job is always a stressful situation, whether it’s through dismissal or redundancy. At this time of year, having a steady income never seems more important, but thanks to the continuing financial difficulties the UK is facing, jobs have also never felt more insecure. One of the biggest worries for those facing unemployment is the risk of bankruptcy and the fate of the family home. Homeowners naturally carry massive debts in the form of mortgages, but what will happen to your home in the unfortunate event of bankruptcy?…