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- This page from the U.S. Courts website helps clarify the specific debts that you can and cannot discharge during a Chapter 7 proceeding.
- If you owe the IRS back taxes, you may be able to file for bankruptcy with the sole intent of discharging these debts. WSJ MarketWatch outlines the specific legal criteria that govern IRS debt.
- According to the National Consumer Law Center, student loans may be discharged in bankruptcy in extraordinary circumstances. Click through to learn more.
- If you carry federally backed student loans, look through the U.S. Department of Education FAQ section on bankruptcy.
- Depending on your bankruptcy discharge, you may owe more taxes during the year that you filed for Chapter 7 or Chapter 13. The IRS website helps explain the logistics associated with taxable debt.