Can federal income taxes be discharged in bankruptcy in the 7th Circuit? Yes, but only if strict timing rules are met. In the 7th Circuit (including Illinois), federal income taxes may be discharged in bankruptcy only if all of the following are true: The tax return...
Q1. Can student loans be discharged in bankruptcy? While student loans are still harder to discharge than credit cards or medical bills, there is now a new, nationwide process that is working for many borrowers with federal student loans. Q2. Whatâs the new process...
Changes in Illinois law have increased the Illinois bankruptcy exemptions for 2026. Why is this good News? It is good news because the higher bankruptcy exemptions will allow more people can file bankruptcy without the fear of having to sell their home or vehicles. ...
There are a lot of common bankruptcy misconceptions out there. Fears caused by these bankruptcy myths discourage consumers from filing for bankruptcy and getting relief from taxes, credit cards, and student loans.    Myth #1: Taxes cannot be discharged in...
Key Takeaways The Streamlined Installment Agreement (SIA) is an ideal option for paying back taxes to the IRS⊠IF you owe $50,000 or less. Most people get immediate approval… no financial disclosures required. You have 72 months to pay off...
