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November 2015 Archives

Helping Salem residents in difficult financial situations

Last week's post on this blog discussed situations in which a Salem, Massachusetts family might decide to consider filing for bankruptcy. Unexpected life changes like a job loss or a sudden illness can happen to anyone, and these sorts of financial disasters can ruin even the most responsible of families. For families in these situations, bankruptcy is available as an option.

Chapter 13 and income taxes

One of the benefits of a Chapter 13 bankruptcy is that it can be used to pay down a federal tax debt over a period of three to five years without having to worry as much about other creditors and bills mounting. After all, a private settlement between a Massachusetts taxpayer and the IRS is not binding on other creditors, who may not be patient with the debtor.