“The (post-petition tax) debt isn't discharged in the bankruptcy case, and the bankruptcy code prohibits filing for a Chapter 7 bankruptcy more than once every eight years,” he said. “So that debt wouldn't be going anywhere.” So while past taxes might have been discharged in the ban...
Being a politician doesn’t exempt you from paying taxes. In fact, everyone from members of Congress to Supreme Court justices to the President of the United States files an annual tax return. If anything, being a politician makes filing taxes even more difficult, as the media and public oft...
Bankruptcy Taxes and Other Filing Facts: A Commentary on Professor BowersProfessor James W. Bowers's front-line proposal, to-abolish the Article 9 filing system, 2 is naturally appealing, to any practitioner who has toiled for long in the system's vineyards, but outright abolition would injure...
You won't necessarily be able to shake off all your debts in bankruptcy. For example, Congress has determined that certain types of debt—such as child support and taxes—can't be discharged in bankruptcy for public policy reasons. Student loans can also be difficult to discharge in bankrup...
Bankruptcy Options As an individual, you have two bankruptcy options. With a Chapter 7 petition, you ask a federal court to discharge, or cancel, certain debts. Bankruptcy laws determine which debts can discharged. Some debts, such as income taxes and federally insured student loans, cannot be...
Failing to file your income tax returns.If you have neglected to properly file your income taxes for at least two years before the time you file for Florida bankruptcy, you will have effectively put a total halt to your Florida bankruptcy. Without your tax returns, you will be unable to co...
It has no bearing on how much taxes you had withheld; it's based on your assessed tax after all of your deductions. Child and Other Dependents Tax Credit: You can get a non-refundable credit of up to $2,000 per child under the age of 17 and$500 for other dependents. ...
(payroll deduction may be used), who then pays the creditors. The first claims paid by the trustee cover most taxes and the cost of the bankruptcy proceedings. They then pay the holders of secured debts, followed by unsecured debts. Creditors may receive less than what they are actually ...
Chapter 7 bankruptcy generally deals with unsecured debts. This can include personal loans, credit cards, and medical bills. However, you must still pay child support and other government debt, like taxes. This also usually includes student loans. ...
While bankruptcy can free you from many debts, some types of loans will not be alleviated Hispanolistic / Getty Images Not all debts can be discharged through bankruptcy, including child support, alimony, certain unpaid taxes, and more. Income tax debt is also very difficult, though not impossi...