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.

Changing Your Mindset About Money

May 26, 2019

Debt Collection Lawyer Tampa, FL

There are usually various factors that lead a person to the circumstances of facing a large amount of debt and considering bankruptcy as a solution. Ultimately, the problem of debt involves expenses exceeding income, no matter the reason for the overdraft. Whether an individual is considering bankruptcy or has already filed a bankruptcy petition, it is wise for one in such a situation to reevaluate their approach to their finances in order to avoid a similar situation in the future.

Money Mindset

A person’s money mindset refers to the way in which they think about and approach money. This attitude influences the way the individual spends and behaves regarding their money. Often, a poor money mindset can lead to overspending, which, in turn, leads to large amounts of debt. The following are ways to improve one’s money mindset to focus on budgeting and saving while getting spending under control, thereby avoiding situations of overwhelming debt and bankruptcy in the future:

· Turn the acts of saving into a friendly family competition by seeing who can save the most in a given time period. Using a savings jar may be helpful, since your family will have a visual reminder of their saving efforts as motivation.

· Identify and cut back on frivolous spending. This may mean bringing lunch to work instead of eating out every day, employing a more economic form of commuting to work every day, and holding off on impulse purchases.

· Focus on positive things, which will make any negatives pale in comparison. Let thoughts become actions, which form into habits. If a person has a particular financial goal, whether it is short or long term, he or she should be positive by telling themselves they will meet it.

· Reflect on personal values in order to identify the shape of the future. This can help determine whether one’s values are consistent with their present financial situation. If such is not the case, then it may be time to refocus and move on to the next stage of life on a positive note by taking the appropriate steps to do so.

· Taking control of money is an important step in taking control of one’s life. Do not let money dominate thoughts, actions, or behavior. Realize it is possible to enjoy life while still keeping control of finances.

Let a Bankruptcy Attorney Assist You

Employing some or all of these suggestions may go a long way in improving your relationship with money, especially for those who are considering or have recently filed for bankruptcy. If you are considering filing a bankruptcy petition, experienced attorneys are prepared to discuss your case with you. Contact a debt collection lawyer in Tampa, FL from
Ziegler Diamond Law: Debt Fighters today to schedule a free and confidential consultation. They have successful experience assisting bankruptcy clients.

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Ziegler Diamond Law: Debt Fighters, provides effective legal services to consumers in Clearwater, Florida, and throughout the Tampa Bay area who are facing home foreclosure, unmanageable debts, debt collector harassment, or other debt-related problems.

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