Tag Archives: chapter 13

What Taxes Do I Still Owe After Bankruptcy?

A common motivation people have for filing bankruptcy is that it will wipe out their tax debts. While some debts are discharged during bankruptcy, not all are. It depends, in part, on whether you filed for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Let’s take a deeper look at the taxes in bankruptcy you still owe. Taxes You Still Owe After Bankruptcy Chapter 7 bankruptcy – You can discharge tax debts in Chapter 7 bankruptcy so long as they meet the following requirements. Income-based taxes. The only kind of debt that is dischargeable in Chapter 7 is that of federal or state income taxes. Due greater than three years ago. The taxes must be for a tax return that was due at least three years before you filed for bankruptcy. Filed at least two years ago. You must have filed the tax return two years or more prior to filing for bankruptcy. Assessed…
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Should I File for Bankruptcy Before Divorce?

Many people who end up filing for bankruptcy cite their recent divorce as the primary cause. If you plan ahead, however, you may be able to save a lot of time and money. Depending on your unique situation, there may be benefits to filing bankruptcy before divorce. Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy If you are wanting to file bankruptcy before divorce, Chapter 7 is likely to be the better option. Chapter 7 bankruptcy typically only takes about three to four months to complete. That’s usually short enough to get done before filing divorce. Chapter 13 on the other hand takes anywhere between three and five years. That’s a long time to wait if you want to get a divorce. Also, Chapter 7 allows you to offload most of your debt, whereas Chapter 13 bankruptcy still requires you to pay most of it off. However, when you go to…
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Can You File Chapter 13 After Completing Chapter 7 Bankruptcy?|Washington DC Bankruptcy Attorney Demystifies Chapter 20

Filing for a Chapter 13 bankruptcy after completing a Chapter 7 bankruptcy, commonly referred to as a Chapter 20 bankruptcy, is one way to take care of debts not cleared by the Chapter 7. To clarify, a Chapter 7 bankruptcy will often leave the debtor with certain debts still intact. While credit cards payments may have been forgiven, unaddressed car and mortgage payments will still remain after a Chapter 7. A Chapter 20 bankruptcy helps the debtor put those unaddressed debts into an easily payable order. The following are common reasons for filing for Chapter 20 bankruptcy: Behind on Mortgage or Car Payments – Even though the debt for a mortgage or car payment has been discharged by the Chapter 7, the creditor’s liens remains in effect. As such, your house can be foreclosed and car repossessed if you fail to make payments. Priority Debts – Certain priority debts cannot…
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