Bankruptcy

How Rich Do You Have to Be to Not Pay Taxes?

How Rich Do You Have to Be to Not Pay Taxes?

What it would take for a small-business owner to avoid sending money to the IRS? “We don’t pay taxes. Only the little people pay taxes,” the billionaire hotelier Leona Helmsley was once quoted as saying.

Can Student Loans Now Be Discharged In Bankruptcy?

Can Student Loans Now Be Discharged In Bankruptcy?

Unlike other consumer debt such as credit card and mortgage debt, however, student loans traditionally cannot be discharged in bankruptcy. Why? Some can't explain the rationale for the student loan "no bankruptcy" exception, but others say it grew from a concern that student loan borrowers could take advantage of bankruptcy laws, borrow a bunch of debt, earn a degree and then file for bankruptcy. There are exceptions, however, namely if certain conditions regarding financial hardship are met.