The Florida bankruptcy law differs from the Los Angeles bankruptcy law in requirements, exemptions and the bankruptcy process.
Are student loans covered under bankruptcy?
No, not in Florida. A tuition bill is not considered a student loan. The general rule is that student loans are non-dischargeable debts. They must be paid off even after filing for chapter 13 or chapter 7 bankruptcy.
Are student loans forgiven in chapter 7?
No. If one defaults, the money is forcefully recovered either from your federal income tax (tax offset) or your employer is prevailed upon to withhold a percentage of your pay (wage garnishment), or both, as the U.S Department of Education deems fit.
Are tax debts discharged in bankruptcy?
Yes. Ideally, filing for chapter 7 bankruptcy makes room for a complete discharge of allowable debt, whereas the chapter 13 bankruptcy filing establishes a repayment plan.
Chapter 7 is dischargeable only if it meets the following five criteria:
1. The taxpayer has not intentionally evaded tax.
2. The tax returns are not fraudulent.
3. The tax returns are filed at least two years from a bankruptcy filing.
4. The filing return due date is at least three years old.
5. There is a tax assessment of a minimum of 240 days.
Are taxes discharged in bankruptcy?
Yes, they may be discharged by entering into an agreement with the IRS to make partial payments while the rest are pardoned. Alternatively, the payment period can be stretched by making smaller manageable deposits to the IRS over a longer period.
Note that each state has its own set of rules to govern bankruptcy laws. Knowing which applies to your state is a step in the right direction.
What is expected of any Philadelphia bankruptcy lawyer, you ask? You may wonder whether integrity is important, or perhaps whether costs should be at the very top of your priorities list; but really, at the end of the day, the necessary expectations of any Philadelphia bankruptcy lawyer include a strong willingness to assist you, membership in an upstanding group revolving around the legal profession and proof that cases like yours had positive end results.
First, a Philadelphia bankruptcy lawyer worth his salt will genuinely want to help you. He may be in the legal profession for the earnings it brings, but his passion ultimately lies with getting his clients the best possible outcomes. His passion does not cease when your case is over, either. Beforehand, he will have give you helpful information to both go through your bankruptcy and to settle into life after bankruptcy. And he will have assisted you in mapping out your financial plan for the foreseeable future.
Second, a Philadelphia bankruptcy lawyer with a solid standing in the community will be part of a larger group of legal professionals just like him who meet regularly to discuss bankruptcy trends, understand more useful tactics and connect with others in the bankruptcy field. His membership is important because it demonstrates his desire to continually be a helpful force in any client’s overall bankruptcy situation. It means he craves more information on what is happening in the field because he has a true desire to be there for his clients’ every bankruptcy need.
Third, a Philadelphia bankruptcy lawyer who is worthy of your time and investment as a client will show you right away what the end conclusions were in other similar bankruptcy cases. He understands lawyer-client confidentiality agreements and does not work around them, so he will never give any other client’s private information away. Rather, a good Philadelphia bankruptcy lawyer will show you his methods so you know the kind of expectations you must have from him. And his reputation will precede him.
There is much to expect from any Philadelphia bankruptcy lawyer. After all, your current and future financial lives are in his professional hands. To that end, research is imperative, and verification of every facet of what a bankruptcy lawyer like him can do to best aid you is essential. You can expect certain things of an attorney, research can help you guarantee that these expectations are met.