In a recent article from CardHub, Atlanta’s John Marshall Law School professor Robert D’Agostino and other legal experts answered common questions individuals have regarding bankruptcy. CardHub offers an easily-accessible search engine and relevant articles for individuals to use to find a credit card that suits their personal and financial needs. However, due to the increase of bankruptcy filings and subsequent increase in societal reliance on credit cards, CardHub sought out legal experts to answer general questions about bankruptcy in an effort to educate its audience.
Professor D’Agostino was asked, “What part of the bankruptcy process do you think people understand least?” He replied, “The issue of what is and what is not dischargeable . This particularly true of tax liabilities and the IRS’s ability to impose a 100% penalty on bankrupt small business owners when the business has not paid its required taxes. BAPCA has clarified and broadened the law applicable to what assets of an individual do not become part of the bankruptcy estate. The ‘mini’ chapter 11 has made that process more accessible and less expensive for small business.”
To view the entire article and read what other experts said about bankruptcy, click here.