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.

Debt Relief Attorney: Bankruptcy, Debt Settlement, & Other Legal Services In Florida

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The moral of the story here is that consumer protection laws have seriously sharp teeth to bite into the creditors that violate them.

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Filing for bankruptcy is usually not on the average person’s to-do list, but it is something that may need to be done.Call Us: (727) 538-4188.

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Someone signs a mortgage, they are optimistic that they can make it. At the end of all the payments, they will have their own space, free and clear of debt.

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some tips from debt collection defense attorneys on how to make sure your credit card information stays secure. Call Us: (727) 538-4188.

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Keeping a close eye on your finances is a must if you are on your way to Financial Health. Call Now For a Free Case Evaluation Clearwater: (727) 538-4188.

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