Bankruptcy and Insolvency Matters

The firm represents debtors and creditors in bankruptcy cases and proceedings.  We advise clients on tax-related issues in bankruptcy, including whether taxes can be discharged in bankruptcy. We handle Chapter 7, 11 and 13 cases, including objections to claims by IRS, California Franchise Tax Board, and other tax agencies, litigation involving discharging tax liabilities and determination of tax liability under 11 U.S.C. § 505.

The type of bankruptcy is based upon the particular facts and circumstances. The most common are:

  • Liquidation (Chapter 7): If you have assets that have value, those assets are sold and the proceeds are distributed to creditors.
  • Payment plan (Chapter 13): You are able to keep your assets and pay your debt over time (usually 3 – 5 years).
  • Reorganization plan (Chapter 11): Usually involves businesses that want to keep the business alive and pay debt over time

The founder of the firm, Steven L. Walker, teaches Bankruptcy Tax at the University of San Francisco School of Law LLM in Taxation program.