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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11th Circuit Decision Broadens Rights for Florida Bankruptcy Exemptions

May 31, 2015

the 11th Circuit opined on an issue that has been hotly debated regarding Florida bankruptcy exemptions. Call us: (727) 538-4188.

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Just acquiring a basic understanding on how to file for bankruptcy seems daunting. And naturally, anyone considering bankruptcy will have many questions.

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Filing for bankruptcy is a difficult decision. There are a number of things to consider. Call Now For a Free Case Evaluation Clearwater: (727) 538-4188.

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