Bankruptcy Law

A Chapter 13 bankruptcy operates as a repayment plan for a period of three to five years wherein the debtor or joint debtors make payments to a bankruptcy trustee who in turn pays off the debtor's...

A common bankruptcy question is whether personal taxes can be included in a case. In a number of instances, the answer is no. However, there are still some types of income tax debts which can be...

When filing personal bankruptcy, there are some "priority claims" that the United States Bankruptcy Court will not allow to be discharged in a case. Some federal, state and local taxes are among...

When you file for bankruptcy protection, you must provide the court with income information, debtor information and a complete financial snapshot. The bulk of the documentation features...

Many people worry about what the IRS will do regarding a bankruptcy filing. But in most cases, the IRS is subject to the same bankruptcy laws as other creditors. If you owe taxes when you file for...

Most people believe that IRS tax debt can never be discharged through bankruptcy, but as the saying goes--never say never. If you committed tax fraud, failed to file a return or neglected to list...

Debtors who file for bankruptcy can sometimes discharge tax debts as a result, says attorney Mark J. Markus. But doing so can be a tricky proposition because it depends partly on the types of...

Prior to 2005, Chapter 13 bankruptcies did not exist. The only bankruptcy plan available to individuals was filing for the discharge of all debt under Chapter 7. A Chapter 13 bankruptcy gives the...

Whether a debtor files for a Chapter 7 or Chapter 13 bankruptcy will determine the applicable laws regarding discharging tax debt. A Chapter 7 bankruptcy may allow a debtor to eliminate tax debt,...

Many people assume that bankruptcy will not eliminate income taxes. Sometimes federal income taxes can be discharged in a Chapter 7 bankruptcy. Whether a tax debt is dischargeable is dependent on...

Hiring a tax attorney has its many advantages. Tax attorneys can keep you from getting abused by the IRS, and also act as a liaison between you and the legal system. Remember that hiring the...

While all tax debt can be restructured through Chapter 13 bankruptcy, only those tax debts less than 3 years old can be included in a Chapter 7 bankruptcy. For the purposes of Chapter 13, recent...

People who have declared bankruptcy do not need to make special tax filings. The petitioner will file his taxes the same way he did before the bankruptcy case. In some cases, however, a bankruptcy...

Chapter 13 bankruptcy is a court-approved debt-repayment plan that lasts two to five years, and requires the consumer to pay with his disposable income as determined by the court. Unfortunately,...

There are several common misconceptions of both Chapter 7 (debt forgiveness) and Chapter 13 (debt restructuring) bankruptcy cases in the United States when it comes to income taxes. The first one...

If you have an investment property or thinking of buying one, following are the steps you want to consider before selling

If you have an investment property or thinking of buying one, following are the steps you want to consider for saving on capital gain taxes