Lawmaker Asks for a Break in Bankruptcy

Federal prosecutors don’t want to see an Idaho lawmaker get away with paying back a fraction of the money he owes, simply because he can’t afford it. The politician has requested to pay back only a small portion of what he owes in taxes. He owes $600,000 in debts but wants to merely pay $12,000 over the course of five years. He then wants to avoid paying the rest of the money that he owes. A U.S. Department of Justice Attorney opposes the plan, saying that it doesn’t even include enough money to pay back the IRS. The attorney also contends that the plan is based on Hart’s salary as a Representative for the state of Idaho. The prosecutor argues that this lawmaker will soon lose that salary because he lost in the GOP primary.

When you file for bankruptcy, you are dealing with the delicate subject of money, and may run into some complications. You will want a bankruptcy attorney on your side to help you think through refinancing and reducing your debt. If you do not have a salary coming in, you may need to file for a Chapter 7 bankruptcy. In this bankruptcy you will be able to liquidate your assets, auctioning off your possessions in order to obtain money and to satisfy your creditors. In a Chapter 11 bankruptcy, you will have to reorganize your finances in order to make regular payments towards your debt. Often a bankruptcy lawyer can help the courts to consolidate your debt into one lump sum which you pay towards monthly. With the help of a professional, you can figure out the best way to pay your expenses, and figure out which debts can be discharged with your declaration.