Taxes

How to File Taxes After Bankruptcy

2020-05-01T18:50:40+00:00By |Comment(s):Comments Off on How to File Taxes After Bankruptcy

You know what they say: Two things in life are certain – death and taxes. And that’s still true even if you have filed for bankruptcy. However, a few things may change regarding how you file your taxes this year.

Form 1041

Now that you have filed for bankruptcy, you have temporarily given up the right to handle your own financial affairs. The court has appointed a trustee to do this for you. Your finances are now part of an estate, and it is the trustee’s responsibility to pay all of your debts that have not been exempted by the court. This includes the taxes for the estate in bankruptcy.

This can be confusing because you

Chapter 13 Bankruptcy and Taxes: What You Need To Know

2020-05-01T19:10:07+00:00By |Comment(s):Comments Off on Chapter 13 Bankruptcy and Taxes: What You Need To Know

Filing for a chapter 13 bankruptcy is a big step. It could be a good opportunity to get your financial affairs in order, but it does come with some implications. If you are planning to file for bankruptcy, then it is natural for you to be concerned about the different ways in which the filing will affect your financial life moving forward. For many, one of the primary concerns is going to be the impact that the plan is going to have at tax time.

Chapter 13 and tax refunds

With a chapter 13 bankruptcy agreement, the idea is for the individual to pay all of their disposable income into settling their debts. In the plan, you determine your necessary monthly expenses, and the remaining income beyond that figure is considered your

How to Eliminate Your Back Taxes Using Bankruptcy

2020-05-01T19:38:57+00:00By |Comment(s):Comments Off on How to Eliminate Your Back Taxes Using Bankruptcy

Depending on your individual financial situation and bankruptcy case, you may be able to add back taxes to the list of eliminated debts. 

Chapter 7 or 13

If you file for Chapter 7 bankruptcy, you may be able to eliminate your back taxes.  If, however, you decide to file for Chapter 13 bankruptcy, and your debt doesn’t meet the qualification requirements, you will be given the chance to repay the back taxes based on your income.

Things You Should Know

It is highly recommended that you consult a qualified bankruptcy attorney to assess your case.  They will analyze your case and tell you whether it is possible for you to eliminate or create a repayment schedule for your back taxes.  There are a few things you will need to know.

1)      For complete

I’m Getting a Tax Refund, How Should I Use It?

2012-12-16T20:35:41+00:00By |Comment(s):Comments Off on I’m Getting a Tax Refund, How Should I Use It?

USA Today reported in April 2012 that more than 200,000 American households were expected to use a portion of their 2011 tax refund checks to pay for bankruptcy filings.  Although we have not yet seen any projections for this coming tax season, we expect to see a similar result in 2013.

As you receive your tax refunds and make plans for using it to pay down your debts, we encourage you to check in with Abelmann Law and come in for a free consultation before you take any action.  We can assist you in analyzing the best strategy; you have many options other than just using the money to fill what may seem like a bottomless pit.

Get Started Today

677 Ala Moana Blvd #1009, Honolulu, U.S

Get Directions
Receive the latest news

COVID-19 Resource Center

Our COVID-19 Resource Center contains insights into new Coronavirus-related legislation and government responses to help you successfully navigate the crises created by the pandemic.