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.

Why Isn’t Hiring A Credit Repair Company Enough Or Is It Even The Right Step To Ever Take?

Why isn’t hiring a credit repair company enough or is it even the right step to even take? Attorney Michael Ziegler explains that. Hiring a credit repair company should be approached with caution.

First, be mindful that the tools that credit repair companies use are tools that are available to consumers at no cost in terms of filing dispute letters.

I would also caution against the practice that some credit repair companies use in which they dispute on all negative activity on a credit report, whether it is objectively erroneous or not. This approach, in some circumstances, could be fraudulent activity.

Finally, credit repair companies are not licensed to practice law, so if there is an error that is not corrected through a dispute process, they are not in a position where they can file a lawsuit to appropriately address the issue.

For that reason, if there has been a negative impact as a result of the improper reporting, then they will not be in a position to seek a recovery on behalf of the consumer.

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

Why Isn’t Hiring A Credit Repair Company Enough Or Is It Even The Right Step To Ever Take?

Related Videos

CLEARWATER LOCATION

(727) 538-4188

TAMPA LOCATION

(813) 225-3111

ALTAMONTE SPRINGS LOCATION

(352) 600-1326