Fifth Circuit Court of Appeals Rewrites The Bankruptcy Code

by Paul R. Tom News, Updates, Law Changes

 Linda Trenett McCoy hadn’t filed her Mississippi income tax returns for 1993 through 2000.  By September of 2002, the Mississippi State Tax Commission (“MSTC”) had made no-file assessments (MSTC’s version of IRS’s SFR) for 1993 through 1997 and for the year 2000.  However, MSTC had not assessed tax against McCoy for 1998 or 1999.  On September 11, 2002, McCoy filed … Read More

Can I Protect My Cosigners?

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

A Chapter 7 bankruptcy releases you from your debts, but does not release your cosigners. Your creditors will demand payment from them if you don’t pay. Lenders want cosigners so that they will have someone else to pursue if you fail to make payments or discharge the debt in bankruptcy. One way to protect your cosigners is to continue to … Read More

What Debts Can’t Be Eliminated In Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information, News, Updates, Law Changes

Although the type of debts which can be eliminated in Chapter 7 and Chapter 13 are quite different, certain debts cannot be discharged in either proceeding – for example, debts such as child support, support alimony, property settlements, criminal fines/restitution, and damages arising from drunk driving. However, you may be able to repay obligations of these types in a Chapter … Read More