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Can Bankruptcy Really Wipe Out Student Loans and Taxes? Here’s What You Need to Know - Part 1 (Taxes)
Episode Summary:
In this powerful episode of All About Bankruptcy, Oklahoma attorney Luke Homen explores whether student loans and taxes can be wiped out through bankruptcy. He focuses on tax dischargeability first, breaking down the types of tax debt that can be eliminated and how critical it is to file returns on time. From trust fund taxes and tax liens to Oklahoma’s more flexible treatment compared to the IRS, Luke delivers real, actionable advice to help people understand if they qualify for tax relief through bankruptcy.
Key Timestamps:
00:00 – Show Intro and Topic Overview
00:00 – Are Student Loans and Taxes Dischargeable?
00:01 – Understanding Dischargeability of Tax Debt
00:02 – What Are Trust Fund Taxes?
00:03 – When Can Personal Income Taxes Be Discharged?
00:04 – Why Filing Tax Returns Is Critical
00:06 – Late Filing and the 10th Circuit Rule
00:07 – How the IRS vs. Oklahoma Tax Commission Treat Late Filings
00:08 – Waiting Periods and Court Challenges
00:09 – Most Common Bankruptcy and Tax Scenarios
00:10 – Difference Between Tax Debt and Tax Liens
00:11 – Impact of Tax Liens on Personal Property
00:12 – IRS Thresholds vs. Oklahoma Enforcement
00:13 – Realistic Expectations and Case Examples
00:14 – Why Tax Discharge Can Still Work for Most People
00:15 – Closing Call to Action
About the Show:
All About Bankruptcy features debt relief insights from attorney Luke Homen, founder of ConvenientBankruptcy.com, where he helps individuals break free from financial burdens with compassion and clarity. This series brings practical legal advice to those seeking a financial reset.
Learn More:
Explore free resources or schedule a free consultation at convenientbankruptcy.com.
View all episodes
By allaboutbankruptcyEpisode Summary:
In this powerful episode of All About Bankruptcy, Oklahoma attorney Luke Homen explores whether student loans and taxes can be wiped out through bankruptcy. He focuses on tax dischargeability first, breaking down the types of tax debt that can be eliminated and how critical it is to file returns on time. From trust fund taxes and tax liens to Oklahoma’s more flexible treatment compared to the IRS, Luke delivers real, actionable advice to help people understand if they qualify for tax relief through bankruptcy.
Key Timestamps:
00:00 – Show Intro and Topic Overview
00:00 – Are Student Loans and Taxes Dischargeable?
00:01 – Understanding Dischargeability of Tax Debt
00:02 – What Are Trust Fund Taxes?
00:03 – When Can Personal Income Taxes Be Discharged?
00:04 – Why Filing Tax Returns Is Critical
00:06 – Late Filing and the 10th Circuit Rule
00:07 – How the IRS vs. Oklahoma Tax Commission Treat Late Filings
00:08 – Waiting Periods and Court Challenges
00:09 – Most Common Bankruptcy and Tax Scenarios
00:10 – Difference Between Tax Debt and Tax Liens
00:11 – Impact of Tax Liens on Personal Property
00:12 – IRS Thresholds vs. Oklahoma Enforcement
00:13 – Realistic Expectations and Case Examples
00:14 – Why Tax Discharge Can Still Work for Most People
00:15 – Closing Call to Action
About the Show:
All About Bankruptcy features debt relief insights from attorney Luke Homen, founder of ConvenientBankruptcy.com, where he helps individuals break free from financial burdens with compassion and clarity. This series brings practical legal advice to those seeking a financial reset.
Learn More:
Explore free resources or schedule a free consultation at convenientbankruptcy.com.