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.

Michael Ziegler, Author at Debt Fighters

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How To Improve Credit Report

There are steps you can take to improve your credit report. As your Clearwater debt collection defense attorney, we at the Law Office of Michael A. Ziegler want to give you the information to get back on track and start rebuilding your credit. When your credit report is bad, you can suffer lifelong consequences. Most people have experienced debt or financial difficulty in their lifetime, and don’t know how to start over. The first step is to stay informed. Knowledge gives you power, and knowing where you stand and what you owe will give you the ability to fix it. Good Credit… Read More

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