No limit
The Bankruptcy Code does not specify a maximum number of times one can file bankruptcy, though Courts will scrutinize multiple filings and will deny a person the ability to re-file a case if the Court believes the person's multiple filings constitute an abuse of the Bankruptcy Code.For example, if a person files multiple cases because they have a medical condition and can't get insurance and medical bills keep piling up, the Court may allow multiple filings. On the other hand, if one keeps voluntarily charging up credit cards and tries to come back to Court to discharge them, the Court may deny the filing.With respect to taxes, income taxes can normally be discharged in Chapter 7 bankruptcy as long as they are more than three years old and the returns were timely filed (see 11 U.S.C. 523(a)(1)). And, income taxes are a little easier to discharge in Chapter 13. Property taxes are dischargeable as long as you give up the property which secures the taxes; if you keep the property, you need to pay the taxes. Trust fund taxes (i.e. taxes which an employer is supposed to hold out of an employee's wages) are normally not dischargeable (by an employer who files bankruptcy) under any circumstances.Tax dischargeablity can be complicated, with exceptions to exceptions, so it is best to discuss it with an attorney.Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.[This answer does not give a date of current status. Since the laws have changed, it's not showing the age of this information.]
Yes, you still have to file your taxes as usual. Any refund will probably be appropriated by the trustee and treated as a nonexempt asset, which will be used for repayment of creditors. Adding As indicated, this is one of your assets and must be disclosed to the creditors committee as something they can use to pay your debts. They will probably ask about it if you don't provide it. They've seen it many times before.
salary times 28% should give you the amount you will take home.
it is bankruptcy. your'e welcome c;
Yes, you may have to pay taxes if they are not being taken out of your check. If you are not making very much money and your income is below the income threshold (which was $9,500 for a single person under 65 in 2011) you do not need to file a tax return. On the other hand, the fact that taxes are not being withheld from your paychecks might be an oversight. Be sure to check to make sure your withholding matches up with your tax liability - the IRS Withholding Calculator can help you make this determination. If they do not match up, adjust the number of allowances you claim on your W-4 to make sure that they do. If on the other hand, you are self-employed, such as an independent contractor or freelancer, taxes will never be withheld and you will be responsible for sending in your own estimated tax payments to the IRS at least four times a year.
I have been through Chapter 7 twice and both times was unable to claim my Student Loan.
Yes. That is probably one of the times this would be the correct Chapter to use.
Make sure that it was a chapter 11 and not a chapter 7 or a chapter 13. Many times there are no trustees in a chapter 11 and chapter 11 is almost always a larger business bankruptcy.
The Bankruptcy Code does not specify a maximum number of times one can file bankruptcy, though Courts will scrutinize multiple filings and will deny a person the ability to re-file a case if the Court believes the person's multiple filings constitute an abuse of the Bankruptcy Code.For example, if a person files multiple cases because they have a medical condition and can't get insurance and medical bills keep piling up, the Court may allow multiple filings. On the other hand, if one keeps voluntarily charging up credit cards and tries to come back to Court to discharge them, the Court may deny the filing.With respect to taxes, income taxes can normally be discharged in Chapter 7 bankruptcy as long as they are more than three years old and the returns were timely filed (see 11 U.S.C. 523(a)(1)). And, income taxes are a little easier to discharge in Chapter 13. Property taxes are dischargeable as long as you give up the property which secures the taxes; if you keep the property, you need to pay the taxes. Trust fund taxes (i.e. taxes which an employer is supposed to hold out of an employee's wages) are normally not dischargeable (by an employer who files bankruptcy) under any circumstances.Tax dischargeablity can be complicated, with exceptions to exceptions, so it is best to discuss it with an attorney.Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.[This answer does not give a date of current status. Since the laws have changed, it's not showing the age of this information.]
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
You can receive a chapter seven discharge once every eight years.
It isn't a specific number, but a period of time that is used. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago. There is also a department tracking "serial" filers...and under the belief these people may be abusing the system, after a few BKs their cases are looked at critically and they may not be able to avail themselves of the protection of the court and BK system
While in bankruptcy, the ability to donate a paid-for car can vary depending on the specific circumstances and the bankruptcy chapter you are filing under. In Chapter 7 bankruptcy, a paid-for car might need to be sold to repay creditors. In Chapter 13 bankruptcy, you might be able to keep the car and make charitable contributions with other assets. It's important to consult with a bankruptcy attorney to understand the rules and options that apply to your specific situation.
Please try and use/follow the system here ...you get the result quicker too...this has been asked and answered here at least 100 times: Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
Under the new law taking effect on 10/17/05, you need to wait 8 years after a Chapter 7 discharge before you are eligible for another Chapter 7 discharge.
If you are facing some serious financial issues, you may consider filing for chapter 13 bankruptcy protection. If you do file keep in mind that there is no limit to the amount of times you can refile for the same protection.
You can often times deduct the cost of hiring a tax professional to do your taxes in the following year. Given the generic nature of your question, I'd strongly suggest doing just that.