There are three bankruptcy alternatives: In Chapter 13, you devise a plan to partially repay your creditors over a lengthy period of time. Chapter 11 is a form of bankruptcy predominantly for reorganizing businesses. Chapter 7, the type of bankruptcy in which most or even all debts can be completely discharged.
Filing for bankruptcy immediately and automatically halts all collection efforts by creditors. In a Chapter 7 bankruptcy, many of your debts are discharged without further payment. In some instances, this may include taxes you owe.
In some instances, you may be required to relinquish non-exempt property. Some automobiles, clothing, domestic furnishings, pensions, and life insurance policies are exempt and do not need to be surrendered.
Nevertheless, even bankruptcy requires cautious planning. Too many people have filed for bankruptcy too quickly and without proper guidance, only to lose their homes, property, and everything else, and often still owe taxes and have outstanding obligations.
Asset protection can provide a structure where, even after bankruptcy, some of your assets remain undisturbed for the benefit of your family and loved ones if you plan ahead. And, with careful planning, we can ensure that you leave owing nothing to the IRS or state! Remember that scheduling is crucial and that all planning must be completed as soon as possible.""
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