We all know what bankruptcy is, and a number of companies and firms deal in debt settlement plan to avoid using the bankruptcy chapters. Though people, in fear of getting into bankruptcy procedure, use the settlement plans, they do not know what exactly they are.
Chapter 13 is one of the most used chapters for filing bankruptcy. Though it is a tricky chapter, many debtors have no option but to use this chapter when their income doesn’t allow them to file bankruptcy under Chapter 7.
Bankruptcy is not only an answer for your difficult times but bankruptcy can also solve many of your tax debt issues. There are several provisions under the US Bankruptcy Code that can help you solve many of your tax problems, though it may not always erase tax debts completely.