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.

How Common Are Credit Reporting Errors?

How common are credit reporting errors? Attorney Michael Ziegler explains that credit reporting errors are fairly common. The FTC has said that 21% of credit reports have errors and that of that 21% approximately 14% have errors that impact credit scores.

The Fair Credit Reporting Act is the federal law that gives consumers an opportunity to make sure that the information in their credit report is accurate. In addition, it allows for curing mechanisms when there are problems with a credit report.

There can be a variety of errors in credit reports. For example, sometimes debts are reported as being owed when they are not owed or there are misreports of delinquency dates. Sometimes the errors are more dramatic, such as total credit profile mix-ups. These mix-ups can occur when there are two people with similar credit data. In other cases, there can be mistakes and information on credit reports due to identity theft.

Contact attorney Michael Ziegler in Florida for a free case evaluation today. He founded his law firm on the principles of professional quality and personal care.

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

Mt. Dora: (352) 600-1326

How Common Are Credit Reporting Errors?

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