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.

Marital Issues Archives

4 Steps to Handle Overwhelming Debt From Divorce

October 20, 2020

In Kelly Ann Smith’s Article, How to Untangle Joint Credit Card Debt in Divorce, she does a great job of identifying the fundamentals of how debt is divided in a divorce. In a nutshell, the divorce judge will assign who is responsible to pay for which balances. The tough part is that the way that the divorce judge carves up the pie does not change who is signed to the loans. So if the divorce judge says, for example, that former husband is supposed to pay former wife’s Amex card, but that doesn’t happen, then Amex could still sue and… Read More

What To Do When Contemplating Divorce

May 14, 2017

Preparing for an impending divorce is an important step before initiating the divorce process. Call Us Evaluation Clearwater: (727) 538-4188

Filing Bankruptcy During Divorce Proceedings

June 15, 2016

Individuals and spouses file for bankruptcy and divorce for numerous reasons. They could even file for divorce after filing for bankruptcy, or vice versa.

Husband Ordered to Pay Over $23 Thousand – Overturned

October 7, 2013

So unless the loan has been refinanced or modified, both spouses are still legally responsible to the bank in a foreclosure if the loan falls behind.

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Category: Marital Issues

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