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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Home Loan Modification

February 23, 2016

Struggling to pay your monthly mortgage may have you considering a home loan modification. Modifying your mortgage can help reduce your monthly payments.

Help for Foreclosure

February 5, 2016

Foreclosure is when mortgage payments are no longer being made, and so the lender forces the sale of a home. Call Us: (727) 538-4188.

Foreclosure and Credit Scores: What Will My Future Look Like?

October 29, 2014

Each time you apply for credit, the lender will consult this number. The higher the score, the less of a risk you are to the creditor.

How To Avoid Foreclosure During Divorce

August 12, 2014

To avoid losing their home to foreclosure, spouses should consider the following options. Call Now For a Free Case Evaluation Clearwater: (727) 538-4188.

Loan Modification 101: Don’t Lose Your Home

June 20, 2014

The Florida real estate market is starting to show some signs of stability. However, not everyone is out of the woods. Call Us: (727) 538-4188.

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