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If the IRS and State are taking money from your checking account and payroll check for personal taxes will declaring bankruptcy stop this?
Wiki User
∙ 8y ago
In general, Federal tax lien are not able to be discharged through bankruptcy. You didn't mention what state you are in, but whether or not state taxes would be exempt would depend on applicable law. You should consult a bankruptcy attorney for exact answers to this question.
The short-term answer is yes - filing bankruptcy will stop a garnishment and IRS bank levy from continuing. However, if the taxes are not going to be discharged in the bankruptcy then this only a short-term solution.
I would recommend checking with a tax firm who specialize in debt resolution. There is probably a better way to fix this than filing bankruptcy, preferably a way that will not affect your credit rating any further.
Wiki User
∙ 8y ago
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Can you keep your checking account when you file for bankruptcy?
Can u keep your checking account after filing chapter 13?
Can you open a checking account before bankruptcy?
After declaring bankruptcy it is smart to wait six months before obtaining a new account. If a trustee finds that you have XXXX amount of dollars in bank B after closing an account at bank A it will look as if you tried to defraud the bankruptcy law. For chapter 7 wait until discharge for chapter 13 as long as you are making timely payments it doesn't matter.
Can collection agencies tap a personal bank account?
Yes! Creditors can garnish a personal checking account. As long as the creditor has the checking account info they can garnish a checking account.
How is a business checking account different from a personal checking account?
A business checking account is different from a personal checking account by the minimum amount of desposit. You can read more at www.business.com › Directory › Financial Services › Banking
Do they close your current bank account when filing for bankruptcy?
No they do not close your Checking or Savings account
If you just filed for bankruptcy and are on Chex systems and can not get an account how long do you need to wait before you can open a new checking account?
It will probably be two or three years before you are able to open up a checking account. Bankruptcy severely effects your credit.
Can a creditor seize your checking account after you file bankruptcy?
Not without the approval of the court
Can a bank close your checking account without notice due to a personal bankruptcy?
well... idont know if its arule but it depends on the bank.some do and some dont.afterall some do so in my country
For a small business, what are the benefits of opening a business checking account rather than using a personal checking account?
There are several benefits from opening and maintaining a business checking account rather than using your personal checking account. When you use a business checking account you are segregating your business funds from your personal funds, thus creating better organization for your business. Also, having the business checking account will help at tax time because all your business transactions will be within the business checking account and there will be no need to sort through your personal transactions. Finally, the business checking account will allow you to use a taxpayer identification number (TIN) so the funds can legally be owned by your business, instead of using your social security number on the checking account. For a small business, opening a business checking account allows you to get more interests. In addition, transactions are processed faster compared to a personal account.
How do you open personal checking account?
Go to the bank.
Is it lawful for a company to find out from a bank how much money you have in a checking account?
No. A company cannot have access to certain pieces of your personal information, including your personal checking account...
Does Midfirst Bank offer personal checking accounts?
"Midfirst Bank offers personal, business, and commercial services. Personal checking accounts are offered through the banks services, and a variety of checking accounts are available. For example, the bank offers a traditional checking account, a paperless online checking account, and a checking account geared toward students. Some checking accounts have a fee, while others are free of charge."
