Eligibility can turn on 1) who is filing the bankruptcy, 2) the kinds and amounts of debts, 3) the amount of income, and 4) the amount of expenses....
Get the maximum benefit from your bankruptcy against your taxes by following these sophisticated strategies....
Chapter 13 gives you more flexibility about what you can do with your current income tax refund. As I said in my last blog, if you file a Chapter 7 bankruptcy after the beginning of the year when you’re due a tax refund, and before you receive and appropriately spend it, your trustee is...Continue reading
Your Chapter 7 trustee can use your unneeded assets to pay current-year income taxes if you split the calendar tax year into two: the pre-bankruptcy and post-bankruptcy “short years.” Let’s first set the scene. If you have substantial income tax liabilities, especially if they are spread over a number of years, Chapter 13 is...Continue reading
Can you keep your tax refund if you file a Chapter 7 case? It’s mostly a matter of timing. Here are the bullet points: Everything you own at the time your Chapter 7 bankruptcy case is filed becomes your “bankruptcy estate.” Usually, most or all of that “estate” stays in your possession and you...Continue reading
What income taxes can a Chapter 7 bankruptcy completely write off? Chapter 13 lets you pay off certain income taxes much more conveniently because you’re protected from the tax collector and can usually avoid paying substantial amounts of interest and penalties. But that’s for taxes you can’t write off. What exactly does it take...Continue reading
A Chapter 13 case can be such a good tool for dealing with income tax debt, especially if you owe more than just a year or two of taxes. BUT, you lose those benefits if you don't successfully finish paying off the Chapter 13 plan. So, go into it only if you have both...Continue reading
Looking for a Kalispell Bankruptcy Lawyer? Below are a few things you should consider prior to selecting one. Since the 2008 nationwide economic downturn, the number of Kalispell bankruptcy lawyers has increased significantly. When choosing a bankruptcy lawyer, you need to be aware of the many issues surrounding the bankruptcy practice. If you are...Continue reading
Filing a bankruptcy does not mean you will lose all your property. Exemptions are provided to every person who files a bankruptcy, which allows the filer to keep the property that property. In order to take full advantage of the exemptions available to you, you should contact an attorney well versed in pre-bankruptcy planning and...Continue reading
Filing a bankruptcy is sometimes a sound financial option for individuals or businesses (“debtors”) that are over-extended, have tried financial counseling, cannot make the necessary payments to decrease their loan/credit balances, or cannot pay their basic living/operations expenses. Chapter 7 and Chapter 13 are two of the most common bankruptcy chapters available. Your income, expenses,...Continue reading
Whether you're about to fall behind on your mortgage or have already done so, a forbearance agreement avoids foreclosure while you catch up....