A job loss is an unfortunate event that can throw household finances and debt repayment for a loop. When it happens to you or your family, it's essential to make a list of your monthly payments and any expected household income, and to begin prioritizing them.

The IRS Office of Chief (legal) Council provided a clarified interpretation of income tax debt discharged in bankruptcy. The IRS and the courts have determined that tax debts may be discharged in bankruptcy in the past, but in this determination, they held that individual income tax debts do not qualify for discharge.