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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Debt Collectors Made Big Profits While You Were Stuck at Home

July 14, 2020

While you were stuck at home, debt collectors saw fish in a barrel to collect on past due balances While so many consumers and small businesses are fighting tooth and nail to stay afloat, a survey from Prodigal Technologies, Inc, indicates that more than half of Debt Collectors outperformed their pre-COVID metrics. Prodigal’s press release on their survey attributes several factors to the uptrend, but one factor in particular for successful debt collection firms was that they were better able to track borrowers while consumers were stuck at home with Safer-at-Home orders. This data should be an important point for… Read More

COVID Bill Shock: Even the Giants Looks to Bankruptcy

June 4, 2020

Post COVID Bill Shock OK, so COVID hasn’t gone away, but the world has largely come out of our fox holes for better or worse. And as the world looks more like it did before the COVID tidal wave, many consumers are now reviewing their bank and credit card statements to figure out what financial recovery looks like for them. But they aren’t alone. Big businesses across the nations are starting the hit the reality of the impact of COVID on the their finances. Big Business Bankruptcy In recent weeks, a number of larger businesses have looked to bankruptcy. Some… Read More

The Impact of COVID-19 on Debt Collection

April 22, 2020

COVID-19 has affected businesses and individuals alike. To know more how this would affect your and your stimulus check, be sure to read our article.

Affordable Ideas for Day Trips in Florida

May 19, 2017

Summer is right around the corner, so you must be looking for a great way to enjoy the beautiful weather without breaking the bank.

How Do I Get Debt Collectors to Stop Calling My Job?

May 15, 2017

Everyone incurs a debt at some point in their lives, and as much as they want to take responsibility for it. Call Us: (727) 538-4188.

Things You Shouldn’t Do If You’re Considering Bankruptcy

May 12, 2017

Before you do anything, you need to know the detrimental financial moves that can make filing for bankruptcy even harder.

Tips for Protecting Your Credit Card Information

May 5, 2017

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

20 Simple Ways to Save Money Every Day

May 1, 2017

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.

Will an Employer Hire Me if I File for Bankruptcy?

April 28, 2017

The first involves being in a job and wondering whether you’ll be fired because you filed for bankruptcy and the other is if you will be hired despite this.

Do Debt Buyers Follow the Same Rules as Debt Collectors Under the FDCPA?

April 17, 2017

Debt collectors and debt buyers follow the same rules? The legality of this is covered by the Fair Debt Collection Practices Act (FDCPA).