No one wants to pay a debt in full. That's why chapter 7 bankruptcy is a popular option when all assets can be protected and the petitioner qualifies with low income. In general, the petitioner in a "no-asset" chapter 7 bankruptcy erases their general unsecured debt (like credit cards), keeps their property, and receives a fresh start at minimal expense. However, taxpayers who don't qualify for bankruptcy or have non-dischargeable tax debt have only a few debt...Continue Reading...
