No. But it is always in the best interest of the client to divulge any and all information that might be pertinent to the matter.
Bankruptcy does not eliminate all tax debt. It will only eliminate tax debt that qualifies under the following conditions for a Chapter 7 bankruptcy.Must be due more than 3 years ago. The due date is usually April 15 but can be will be later if an extension was filedMust have been filed more than 2 years ago. If you have not filed your taxes and the IRS filed a substitute tax return the the taxes are not subject to discharge.Must have been assessed more than 240 days ago.Must not Involve Fraud or Intent to Evade Taxes. If you failed to disclose all of your income and as a result you owe taxes, then the taxes are not subject to discharge.Generally an experienced bankruptcy lawyer can review your tax transcripts to determine if they qualify to be discharged in a bankruptcy.
If there is a judgment in a court for the IRS debt, you do not need to file a motion to include it in your bankruptcy. If the tax due was determined more than 3 years before the filing date, you include it in your Schedule F. If you have already filed your bankruptcy documents, you need to file a motion to amend Schedule F with the bankruptcy court. If the case has been closed, you will need to reopen the case, paying the filing fee, and then your motion to add the debt.
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html
Usually not. Your bankruptcy petition will ask you for information on whether or not you received a tax refund for the year prior, but they don't usually track you afterwards to find out if you got a refund after your discharge. You are applying for a clean financial slate, and taking away your refund would negate that purpose. If in doubt, check with your bankruptcy attorney for more clarification.
State Income Tax Claims, Federal Tax Claims, and Real Estate Taxes must be included in a bankruptcy filing. Income tax claims that are less than three years old will usually be consolidated with other debts and paid over three to five years in a Chapter 13. Depending upon income and assets, income tax claims for returns that were filed more than three years before the bankruptcy can sometimes be reduced substantially in a Chapter 13 and eliminated completely in a Chapter 7.The discharge of the debt in a bankruptcy, can actually cause taxable income for the year it is discharged if not handled proerly. You will get a 1099-C for most matters concering it.
Geritom Medical, Inc in MN has not filed for bankruptcy. we just hired more pharmacy techs. this past week.
Bankruptcy can stay on your credit report for 10 years. For more information about debt and bankruptcy, it is best to consult with an attorney. They can provide a complete picture of the benefits and negatives of filing for bankruptcy.
No, 84 Lumber hasn't filed bankruptcy. Financially they are more sound and have more assetts that any other company in todays climate except maybe Probuild.
Yes about every 7 years. * A chapter 7 can be filed 8 years after a previous chapter 7 discharge. A chapter 13 can be filed 4 years after a discharge of a BK 7, 11 or 12 and two years after a discharged 13.
All liens survive bankruptcy. You can get rid of the lien by "avoiding" it. Look up "Avoiding Liens" in google or findlaw.com for more info.
Good for you! More people should cut up their credit cards and learn to live within their means.
Bankruptcy is ALWAYS a Federal case. Your State makes little difference.Under the new bankruptcy law 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.
It depends. Depending on the interest of the Trustee in Bankruptcy, and whether or not they have abandoned the property, will determine whether or not the debtor in Bankruptcy will be permitted to take the property if the creditor has abandoned the property. Bottom line is that it depends on the facts, contact your Bankruptcy attorney or a reputable Bankruptcy attorney to get more information.
chapter 7 you can file every 8 years. chapter 7 lasts 10 years starting with the new laws in 2005. since you filed before 2005 your chapter 7 stays on your credit report 7 years as opposed to 10 years.
Yes, but if you have previously filed a chapter 7, you must wait 4 years before allowed a chapter 13 discharge.
Most banks offer bankruptcy loans to individually who have filed for protection; depending on which type of bankruptcy an individual has filed the interest rates could be as high as 10%. Smaller lenders and local banks will be more willing to work with small businesses to help pay back debts and nullify the bankruptcy.
You cannot have your bankruptcy "removed" in anyway that I know of... I have been selling homes for 11 years and I have yet to see that happen. Depending on whether you filed chapter 13 or 11, it can be "overlooked" after 2 years if you are wanting to buy a home. If you have had late payments after the bankruptcy you will more than likely have to wait 5-7 years