October 17, 2017

Domestic Support Obligations: Is Bankruptcy a way to get Relief ?

This post addresses the situation in which an individual is obligated to pay one or more types of domestic support obligations and cannot do so. What are "domestic support obligations?" They arise in the context of domestic disputes. For the most part, they consist of three things: Alimony which is support that one spouse is required to pay for the support of his or her spouse Child … [Read more...]

Tax Debts and Bankruptcy

The automatic extension granted to individual taxpayers just passed, which often brings calls from those who cannot pay their tax debts. As part of my bankruptcy practice, I strive to stay current on North Carolina Department of Revenue (NCDOR) and IRS policies that may affect my clients. A three-point test to discharge income taxes in Chapter 7 bankruptcy In order for income tax debt to be … [Read more...]

Chapter 7 Bankruptcy: Businesses & Individuals

The word "bankruptcy" is heard everywhere, from coffee shops to church bazaars and the evening news. It's clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13. Chapter 7 is a liquidating bankruptcy.  It is normally utilized to obtain a “fresh start” for an individual debtor, and, far … [Read more...]