Non Dischargeable Debts
Bankruptcy offers a fresh start, a path out of debt and into a more stable financial future. But not all debts vanish with the stroke of a bankruptcy judge’s pen. Some debts stubbornly persist, even after bankruptcy. Enter the realm of "non dischargeable debts". If you’re an Atlanta-based business grappling with the nuances of bankruptcy, understanding which debts can’t be discharged is pivotal. FALLON LAW PC is here to guide you through this intricate landscape, ensuring that you’re always a step ahead.
A Peek into Nondischargeable Debts
Simply put, nondischargeable debts are obligations you'll continue to owe even after filing bankruptcy. But what makes a debt "nondischargeable"?
1. The Nature of the Debt: Certain types of debt, by their very nature, are nondischargeable. These include:
1. Child support and alimony.
2. Most tax debts.
3. Debts arising from personal injury or death caused by intoxicated driving.
2. Legal Exceptions: Bankruptcy law has specific exemptions. For example, studentloans, unless repaying them would cause undue hardship, remain non-dischargeable.
3. Creditor Challenges: A creditor might argue that a particular debt shouldn't be discharged because of fraud, theft, or malicious acts on your part. If they win the argument, that debt remains yours to pay.
Non-dischargeable Debts in Business Bankruptcy
For businesses, understanding nondischargeable debts becomes evenmore crucial. Here are some common scenarios:
1. Personal Guarantees: If you've personally guaranteed a business debt, bankruptcy mightnot discharge your obligation. This means creditors can pursue personal assetsto settle those guarantees.
2. Trust Fund Taxes: If your business has collected taxes on behalf of employees (likepayroll taxes) but hasn’t forwarded them to the government, these "trust fund" taxes remain non-dischargeable.
3. Fraudulent Transfers: Debts resulting from transferring property with the intent todefraud creditors won’t be wiped out in bankruptcy.
Navigating Non-Dischargeable Debts with Brad Fallon
The maze of nondischargeable debts is intricate, but Brad Fallon's seasoned approach simplifies the journey:
Comprehensive Debt Review
We delve deep intoyour debt portfolio, separating dischargeable debts from the non-dischargeableones, ensuring clarity at every step.
Creditor Challenge Defense
If a creditor challenges the discharge ability of a debt, Brad's aggressive defense strategies come to the fore. He counters their claims,working to ensure that as many of your debts as possible get discharged.
Strategic Counseling
Whether it's renegotiating terms, setting up payment plans, orfinding alternative solutions, Brad offers strategic counsel tailored to your business's unique needs.
Personal Guarantee Consultation
If personal guarantees are a concern, Brad evaluates the validity of these guarantees and explores potential defenses or negotiation strategies.
Beyond Discharge: The Stapleton Way
FALLON LAW PC believes in a holistic approach to bankruptcy. Nondischargeable debts are but one facet. We’re committed to understanding your entire financial picture, ensuring that when you emerge from bankruptcy, you're on solid ground, ready to rebuild and thrive.
In Conclusion
The promise of a fresh start that bankruptcy offers can sometimes be marred by the shadows of non-dischargeable debts. But with knowledge as your shield and an experienced attorney like Brad Fallon by your side, you can navigate this terrain with confidence. At FALLON LAW PC, we don’t just see a business; we see dreams, ambitions, and the hard work that’s gone into building something worthwhile. And we’re here to ensure that legacy continues, unhindered by the challenges of bankruptcy.
Note: This content is for informational purposes only and does not constitute legaladvice. Always consult with an attorney for any legal decisions.
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