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.

24/7 LIVE ANSWERING - CALL NOW

Clearwater: (727) 538-4188 Tampa: (813) 225-3111

Mt. Dora: (352) 600-1326

Checkout

Your cart is currently empty. Click here to get started.

Call Now for a Free Case Evaluation
Clearwater: (727) 538-4188 | Tampa: (813) 225-3111

Get Help Now

Home > Checkout

GET DIRECTIONS

CLEARWATER LOCATION

2430 Estancia Blvd #108
Clearwater, FL 33761

(727) 538-4188

TAMPA LOCATION

(By Appointment Only)

625 E Twiggs St Suite
1043, FL 33602

(813) 225-3111

ALTAMONTE SPRINGS LOCATION

498 Palm Springs Dr
Suite 100, FL 32701

(352) 600-1326

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Copyright © 2024, Ziegler Diamond Law: Debt Fighters All rights reserved.
Also serving St. Petersburg, FL, Palm Harbor, FL, Dunedin, FL, and Pinellas County, FL:Clearwater, Largo, Pinellas park, Dunedin, Palm Harbor