Getting Professional Guidance On Los Angeles Bankruptcy Cases – Lawyer Lifestyle

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The situation is out of control. It is possible to get financial assistance with advice about filings in the personal bankruptcy section.

Can student loans be covered by bankruptcy?
However, it is not impossible, especially when the bankruptcy laws are generally used. A majority of those who attempted to go through bankruptcy by using federal student loans did not succeed. The few who have succeeded had to keep an unfavorable bankruptcy record for seven to ten years.

Can student loans be cancelled under chapter 7?
They can indeed be given a break for invoking “undue hardship” on the part of the debtor, or the debtor’s family members. It is necessary to prove beyond doubt that you can be unable to afford the debt and still maintain a regular life for their family members.

Can tax debts be wiped out in bankruptcy?
Yes, tax-related debts are able to be released if they satisfy these five conditions:
1. Taxes are not evaded by the taxpayer.
2. The tax return was honest and was not fraud.
3. Tax assessment is for a minimal time period of 240 working days
4. The tax returns were submitted at least two years before the filing of tax debts for discharge.
5. Tax liabilities are greater than three years in the past
Nonetheless, chapters 13, 12 and 11 cannot be used to pay priority tax obligations.

Are bankruptcy options a means to get rid of tax burdens?
Both yes and neither. There are six bankruptcy chapters that apply differently for different circumstances. For example, tax debts cannot be relegated to chapter 15 or 9 of bankruptcy, yet they apply to chapter 13, 12 11, 7 and 11.

In bankruptcy, your petition can be denied if you’re not disabled permanently and your income is lower than that of the poverty threshold. Los Angeles allows you to be able to claim “undue hardship”, if you cite excessive living costs.

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