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Discharging Income Tax Debt through Bankruptcy

Income tax debts owed to the IRS or the State of Nebraska may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Generally, if income tax debts meet the following guidelines, then the tax is dischargeable. The taxes are income taxes. Taxes other than income, such as payroll taxes or [...]

July 5th, 2012|Retweetable|

Lack Of “Future Advances” Clause in Security Agreement Costs Bank Collateral for $950,000 Loan

Section 9-204(c) of the Uniform Commercial Code makes it possible to secure future advances, even if the advances are not made pursuant to a commitment. However, the security agreement creating the security interest must “provide that collateral secures... [such] advances.” A March 22, 2012 decision of the United States Bankruptcy Court for the Central District of Illinois [...]

April 2nd, 2012|Retweetable|