If you are considering filing bankruptcy or considering either a short sale of your home, or perhaps going through a debt management program, you need to take into account the income tax consequences of each alternative. Filing bankruptcy provides not just a way for you to erase your debts, but also gives you a way to avoid any liability…Read more
In this video, the Administrative Office of the United States Courts explains the limitations of bankruptcy, including a discussion of the types of debts that may not be discharged, and procedures that may be used in bankruptcy to keep property.
In this video, the Administrative Office of the United States Courts explains the differences between Chapter 7, Chapter 11, and Chapter 13 bankruptcy.
Your right to receive an income tax refund is considered an asset on the date you file for Chapter 7 Bankruptcy. The Chapter 7 Trustee may take a pro-rata portion of the income tax refund you will receive from filing your next income tax return. For example, if you file for Chapter 7 on October…Read more