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.

Website Intro

Hi, my name is Mike Ziegler. I’m the managing attorney for the Debt Fighters. If you’re coming to our website, then that probably means that for you, just like for so many of the clients that we’ve worked with, you’ve hit your own bump in the road. That means different things for different people. It may mean that you lost your job or had a reduction in hours. It could also mean that you had a serious medical issue, either personally or in your family, that took a considerable amount of time and cost. And yet for other people, that might mean a change in family circumstances. A situation like a divorce or the addition of new dependents.

Our job is to find the individualized solution for your debts that’s right for you. What makes us different is that we don’t have a one size fits all approach to doing so. For some people, it might mean bankruptcy. For other people, it might mean just defending one individual debt collection lawsuit. And yet for others, that could mean a debt consolidation payment plan where we negotiate on your debts. But our goal is to find the appropriate solution for you and your circumstances.

If you want to learn what solutions may be appropriate for you, I would invite you to first, look around our website, see what you can learn, and if you would like us to talk to you about what options you may have available, then I invite you to schedule a no-commitment consultation with an attorney.

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

Mt. Dora: (352) 600-1326

Website Intro

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