In order to pursue a personal goal of obtaining education beyond high school, it is almost always necessary to borrow money to for this education. However, these loans are often very large, and many Americans are not able to repay these loans, especially if they can-not complete this education. In recent years, the number of individuals with unmanage-able student loan debt has increased dramatically. It has been estimated that as of the latter part of 2015, more than 41 million Americans ... Read more
If the loan is made or supported by the federal government, there are often more than one available repayment plans. These programs are similar but not identical. The options open to any borrower depend on the nature of the loan program. The advantages and disadvantages of each repayment plan will vary as to various factors, including such factors as the eligibility criteria, the length of the repayment term and potential tax consequences for any amount not repaid in full.
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Many Americans have found themselves facing collection of debts from unpaid taxes. Unless most debts, tax debts are not dischargeable in bankruptcy, with some important exceptions. Even if a tax debt may be dischargeable, this result will usually require some litigation in bankruptcy court, involving legal services not needed in most consumer bankruptcy cases. Fortunately, the automatic stay will at least initially stop tax collection activity. However, because a tax debt is usually not dischargeable in bankruptcy, federal, state and local taxing authorities are able to resume collection activity after the bankruptcy case is concluded, and possibly earlier, with Bankruptcy Court permission.
It is also important to understand that tax collectors have more options open to them that collectors of other types of debt. Consequently, persons with a significant tax debt need to know what other options might be open to them.
This office offers several services that may help someone deal with tax debt problems, even if the debt cannot be completely eliminated.
We're here to help! Contact us today at (330) 262-2350 for your free initial consultation.