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.

Uncategorized Archives

Defend Collection from Midland Funding LLC

May 18, 2020

Defend Collection from Midland Funding LLC If you have received a Notice from Midland Funding LLC, or if they have appeared on your credit report, do not ignore it! Use the below information and helpful tips in order to navigate how to deal with their collection efforts. Who is Midland Funding LLC? Midland Funding LLC is one of the largest debt buyers in the nation. If the following apply to your account, it may be purchased by Midland Funding: (1) At least 180 days have passed without payment; OR (2) Less than the minimum due has been paid for the… Read More

How Should Your Kids Hold Real Property Upon Your Death?

May 10, 2020

Bankruptcy Lawyer So you’ve made the decision to do your estate planning. Great! One of the most important decisions you’ll make is how to pass on your home and other real property. In addition to determining how you will pass your home (by will, beneficiary deed, or trust), you will need to determine how your children will jointly own the home. There are two options to choose from, which will be designated in your will, beneficiary deed, or trust: (1) Tenants in Common or (2) Joint Tenancy with Rights of Survivorship. Let’s discuss these two options. Tenants in Common Tenants… Read More

Do You Need Asset Protection From Lawsuits?

May 8, 2020

Bankruptcy Lawyer If you are working on your estate plan, have you thought about an asset protection trust? At first, you may wonder why you need an asset protection trust instead of a typical or standard trust. The answer may be in your likelihood of facing a lawsuit. Even if you do everything for your business by the book, it does not mean that you will never have a lawsuit. If you do have this as a risk, you may want to think about asset protection trusts. Of course, depending on your industry, you may not realize the risk of… Read More

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(727) 538-4188

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