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It depends on what type of Bankruptcy you are filing. The first rule states that your tax debt must be related to a tax return that was due at least three years before the date you filed for bankruptcy. The due date would include all the extensions granted. The second rule states that the tax return that you have filed must have been done at least two years before the date you filed for bankruptcy. The date that you actually filed the return would be the day from which the two years will be calculated. According to the third rule, when you file for bankruptcy, the IRS assessment of your tax must be at least 240 days old. As per the fourth rule, the tax return that you have shown cannot be fraudulent or frivolous. The fifth rule states that you cannot be guilty of tax evasion.
Under Chapter 7
If you are filing for Chapter 7 bankruptcy, the eighth pre-petition taxes would be paid off after liquidating your assets. However, they will only be paid off if prior claims on the list are already paid off. If after paying off the secured creditors, any unsecured ones funds are left, then only the tax debts will be paid off. Otherwise you will secure a discharge for these tax debts.
When it comes to paying eighth priority pre-petition taxes, different rules apply depending on the bankruptcy chapter that you have filed under.
If you are filing under Chapter 13, taxes that are over 3 years old can be paid off.
What else can I help you with?
Where is the Hall of Science?
Its in bk all day Its in bk all day
Can you claim property taxes on bankruptcy?
They would have to be. You do not go Bankrupt on certain things though. In BK you do not pick and chose what is included. All are given priorites and some are exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. (Some property taxes may well be secured debts). ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. Taxes get a fairly high priority and will be paid in full before most other unsecured debts.
Show you all the club bk codes?
club bk
If property taxes are not in your name can you file bankruotcy?
Of course having Prop taxes in your name is not a requirement for filing BK. For them to be included in your BK, you would have to prove they are a debt you are responsible for...perhaps through a lease or such...in which case the debt as part of the lease would be included.
If a judgment is obtained can bankruptcy be filed?
Yes...whether the judgment will be discharged or paid in BK....which MUST include ALL your debts AND ALL your assets, no picking and chosing..is another story.
How do you report assets paid for through a general fund?
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Typically when a business is owed money by a company that files for bankruptcy the business will...?
It SHOULD file a claim with the court to be paid...and it will wait in line and be paid in accord with how the BK progresses...maybe all, maybe some small portion of what it is owed...depending on the situaton of the co that went BK and what what the debt is for and how it was secured, if at all.
How much money is made off taxes from fastfood every year?
AnswerThe question would need to be much more refined to be answered.What do you define as fast food? McDonalds, BK, how about a snack bar at Six Flags, or your grocery, or an office building, or a hot dog cart on the corner?What do you define as taxes from it? Income taxes on the business selling it? Sales taxes too? How about payroll taxes on the employees? Property tax, licensing fees, etc?
How do you get a clear title to a car that was repossessed in chapter 7 four years ago but not picked up?
First of all, if the car was not picked up, it was not repossessed. Second of all, you need to check with the attorney that handled the Chap. 7 BK. The bank may have charged it off or forgiven the debt (not likely forgiven) if you want the clear title, the lienholder would still need to be paid off.
How can you collect to customer that filed bankruptcy?
All of your efforts MUST stop by law. You should file a "proof of claim" form with the BK court, (you'll likely receive correspondence on how to do so), and become part of the process. The debt will be paid alonf with all others of the same class...and depending on the BK may be pennies (or nothing) on the dollar.
Can i file bankruptcy on state taxes On my statement from them it states that my balance my not reflect adjustments such as those resulting from a prior or pending bankruptcy?
They would have to be. You do not go Bankrupt on certain things though. In BK you do not pick and chose what is included. All are given priorites and some are exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. Taxes get a fairly high priority and will be paid in full before most other unsecured debts.
Are property taxes discharged with bankruptcy?
Property taxes are not in your records so you dont have to worry about them, if your home goes to foreclosure and bank that owns the house will have to pay those taxes if thy want to sell the home in the future, property taxes will be in the house records not yours The above is one opinion...likely not to be found any place else. Property taxes, while of record against the property you own, are the owner of the properties obligation. Taxes, including property taxes, are, like all debts and all assets, whether recorded somewhere or not, included in BK and as such will be handled as a pre-petition liability. They will be settled, albeit frequently paid in full because of their position in BK prorities, but also depending on the assets you have to settle other items. (BTW, if you were to maintain accounting records - say like a business, your property tax accrued liability would in fact be recorded there, like any other debt/payable). If your mortgage is in fact foreclosed, the taxes will not be part of the debt the bank or successful bidder needs to be concerned with as they will be settled by the bankruptcy estate.
