Taxes & Student Loans

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Taxes and Student Loans

Trusted Bankruptcy Lawyers in Charlotte – Call (704) 710-8182

If you or a loved one needed to use student loans in order to further your education, you are not alone. Many people in Charlotte are in the same boat, with mounting student loan debts for which they can no longer pay.

Being in trouble with the IRS for your tax debt is a similarly stressful situation. It is common for people to rack up more and more debt while trying to pay off student loans and taxes. Fortunately, our Charlotte bankruptcy attorneys at Saffa Law Group can present you with some debt relief options and information regarding bankruptcy in order to begin fixing anxiety-inducing problems involving tax and student loan debt.

With our firm at your side, you can effectively:

  • Receive a fresh start regarding credit
  • Avoid harassing creditors
  • Find a more affordable solution
  • Consolidate your debt into one payment

Contact Saffa Law Group at (704) 710-8182 today!

Handling Tax and Student Loan Debt through Bankruptcy

You may be able to discharge older income taxes owed to the IRS. In order for income taxes to be "dischargeable" through bankruptcy, there are certain legal elements which must be met. Our bankruptcy attorneys are more than familiar with the legal elements need to discharge back income taxes.

While some older taxes may be dischargeable through bankruptcy, newer taxes and student loan debts, unfortunately, usually do not qualify as dischargeable government debts. The amount of debt applying to these two categories does not make a difference either, and bankruptcy will not eliminate these debts. However, bankruptcy can help you pay off your government student loans and taxes, by filing for Chapter 7 or Chapter 13 bankruptcy. This will allow you to pay off your other debts, which will free up money for you to put toward your taxes owed and student loan debt. Depending on the age and type of tax, you may be able to discharge the debt through your bankruptcy filing, so it is important to speak with an attorney about how your tax debt may be affected.

Chapter 13 bankruptcy allows you to configure a payment plan for your outstanding debt, after you have paid for your regular monthly expenses, like your student loans and taxes. In essence, you cannot discharge newer taxes or student loans so finding creative solutions to pay them off is possible with the help of a skilled Charlotte lawyer. By working with an attorney at our firm, you can greatly increase your chances of realizing financial peace. We can help devise a good debt-paying strategy so that it will help you pay down your student loans and taxes in a more timely fashion.

For assistance with your student loan and tax debts, schedule your free consultation!

We serve clients throughout the City of Charlotte, Town of Cornelius, Town of Davidson, Town of Huntersville, Town of Matthews, Town of Mint Hill, Town of Pineville, Town of Stallings, Buford, Charlotte, Goose Creek, Hembry Bridge, Indian Trail, JAARS, Jackson, Lake Park, Lanes Creek, Marshville, Marvin, Matthews, Mineral Springs, Mint Hill, Monroe, New Salem, Sandy Ridge, Stallings, Unionville, Vance, Waxhaw, Weddington, Wesley Chapel, Wingate, Concord, Harrisburg, Kannapolis, Midland, and Mt. Pleasant.