Bankruptcy is a common scenario in the US and if you or someone in your friends and family are going to go through the similar process, then knowing what it is about is a good idea.
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.
One of the reasons why you could file for bankruptcy is to discharge your taxes. There are several state, federal and local income taxes that can be discharged under the various chapters of bankruptcy.