Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

What Are The Exemptions For Bankruptcy In Florida?

In a Chapter 7 case, in order to obtain the benefit of the discharge, meaning the wiping out of the debt, the tradeoff that the federal government has set is that a consumer is limited on the amount of assets they can keep. The exemptions are the list of property that comes from state and federal law, which says which things you are allowed to keep. In Florida, the abbreviated list includes your homestead or primary residence, a certain allowance of personal property, which includes basic household goods, a limited allowance of vehicle equity, retirement funds, and some other assets. In cases outside of Chapter 7, such as Chapter 13, you are allowed to keep all of your assets, but the exemptions may affect your monthly repayment plan.

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How To Get Health Care If You Don’t Have Medical Insurance

If you’re an uninsured person who’s behind on payments or unable to cover any cost associated with your healthcare, you’re not alone. Despite more than 90 percent of Americans having some form of healthcare coverage, a recent analysis of medical debt in the U.S. suggests that 1 in 10 American adults owe medical debt. According to the research, lack of adequate insurance coverage is a major reason why there is so much unpaid medical debt. In most cases, patients would gladly pay for medical services, but they don’t have the money to pay out of pocket. That’s especially true of… Read More

Passing the Chapter 7 Means Test Most Effective Tips?

Have your debts pilled up so much that it would take most, if not all, of your current monthly income to cover them? If so, it may be in your best interest to consider Chapter 7 bankruptcy to discharge eligible debts. However, before filing for bankruptcy under this chapter, a consumer must pass the means test to determine if they qualify for Chapter 7 bankruptcy. Generally, the means test investigates a few important factors to determine whether filers (i.e., debtors) can pay back some of their debts and if they are eligible to file. These factors include your annualized monthly… Read More

How Can Ignoring Collectors Affect Me?

If you’re receiving countless calls from a debt collector, it’s easy to understand why your first instinct may be to ignore them and hold off on dealing with the debt. Although you might want to consider turning your phone on silent or blocking their number, this is often not your best option. With that in mind, this article is for you if you’re searching for an alternative to ignoring debt collectors and creditors. Continue reading to learn more about the financial and legal effects of ignoring collection calls and what you can do instead. After you’ve finished this article, contact… Read More

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