what debts are not dischargeable in chapter 13?
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Debts not discharged in chapter 13 include certain long term obligations (such as a home mortgage), debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated ...
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You'll be pleased to know that in most cases there are no income taxes on debt discharged in bankruptcy. However, outside of Chapter 7 bankruptcy and Chapter 13 bankruptcy, any discharge of indebtedness is taxed as income.
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['Accounts payable (money you owe to suppliers)', 'Salaries owing.', 'Wages owing.', 'Interest payable.', 'Income tax payable.', 'Sales tax payable.', 'Customer deposits or pre-payments for goods or services not provided yet.']
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If a debtor fails to keep up with payments under their repayment plan in a Chapter 13 bankruptcy, the bankruptcy trustee may file a motion to dismiss their case. This means that their debts would not be discharged because the case would be considered unsuccessful.
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Debt greater than 50% of your income is a strong signal you need to consult a bankruptcy attorney. Chapter 7 or 13 bankruptcy can let you rebuild your financial life and save for retirement. Chapter 7: This type forgives most consumer debts, but not obligations such as taxes and child support.
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The short answer is no. A debtor can discharge the home equity loan in Chapter 7 bankruptcy but they cannot discharge it AND keep their home. However, if a debtor would like to keep their home, they may be able to file Chapter 13 bankruptcy and repay both their HELOC and their mortgage over a 3 to 5 year period.
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['Long-term debt payable.', 'Long-term bonds payable.', 'Long-term loans payable.', 'Deferred tax liabilities.', 'Long-term lease obligations.', 'Pension benefit obligations.', 'Deferred tax liabilities.', 'Long-term lease obligations.']
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Conventional Loans Chapter 7: Four years from your discharge date. Chapter 11: Four years from your discharge date. Chapter 13: Two years from your discharge date or four years from your dismissal date.
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Chapter 11 bankruptcy is a business reorganization plan, often used by large businesses to help them stay active while repaying creditors. Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period.
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Since a chapter 12 or chapter 13 plan may provide for payments to be made over three to five years, the discharge typically occurs about four years after the date of filing.
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['Chapter 7: Liquidation.', 'Chapter 13: Repayment Plan.', 'Chapter 11: Large Reorganization.', 'Chapter 12: Family Farmers.', 'Chapter 15: Used in Foreign Cases.', 'Chapter 9: Municipalities.']
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Current liabilities include any debt about to come due, as well as non-debt liabilities such as accounts payable, workers' unpaid wages, unearned revenue and interest on borrowed money that has accrued but has not been paid. Long-term liabilities will usually be debts such as bonds, mortgages and loans.
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There are some limited circumstances in which you can discharge federal, state and local income taxes, as well as penalties and interest, in Chapter 7, Chapter 11, or Chapter 13 bankruptcy. Income taxes are the only kind of debt you can discharge under Chapter 7.
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Since you'll need to wait for your credit reports to update, here's when to check: Chapter 7 bankruptcy: 90 days after your bankruptcy filing date. Chapter 13 bankruptcy: 90 days after your bankruptcy discharge (which can take three to five years from the filing date)
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There is no minimum amount of debt for Chapter 7 bankruptcy, but there is a maximum. You can't have more than $1,257,850 in secured debt (usually home, automobile, boats or motorhomes) or $419,275 in unsecured debt (usually credit cards, medical bills or personal loans).
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To write off a bad debt: From the list in the Customer box, select the customer whose debt will not be paid. In the Invoice Number box, enter the original number of the unpaid invoice, followed by the letters "WRTOFF". In the Amount column, enter the amount owed as a negative number.
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The majority of debts discharged in Chapter 13 bankruptcy are nonpriority unsecured debts. Credit card balances, personal loans, medical bills, and utility payments fit here.