West Palm Beach bankruptcy attorney

What Bankruptcy Cannot Do: Part II

Bankruptcy can be very helpful to a lot of people. This process can alleviate or even eliminate your debts, and allow you to start over. While it can be very helpful, there are some things that filing for bankruptcy cannot do for you.

Most tax debts will not be eliminated when you file for bankruptcy. However, it is possible for some of these older debts to be discharged. Some of the tax debts that can be discharged include, but are not limited to:

• Income taxes: other taxes like fraud penalties can never be discharged by bankruptcy.
• Old debt: if your debt was originally due at least 3 years before you filed for bankruptcy, it can be discharged.
• You filed a tax return: if you filed a tax return for the debt at least two years before filing for bankruptcy, it can be discharged.

There are other situations under which a tax debt can be discharged. However, these will not be discharged for most people.

Other nondischargable debts will be unaffected by bankruptcy as well. These can include, but are not limited to:

• Any debts you forget to list when filing for bankruptcy.
• Any debts you owe for personal injury or death that you caused through driving under the influence of alcohol or drugs.
• Fines or penalties that resulted from you breaking the law. This can include anything from traffic tickets to criminal restitution.

Speak with a West Palm Beach Bankruptcy Lawyer

Filing for bankruptcy can be very helpful, but it is important to know what it will and will not accomplish for you. If you would like to know whether bankruptcy is right for you, contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates at 561.353.2600.