Do Not File Bankruptcy if You Have Not Filed Your Tax Returns
If you file bankruptcy - either Chapter 7 or Chapter 13 - you will need a copy of last year’s tax return and you may be asked to provide copies of previous years’ tax returns.
The U.S. Bankruptcy Code seeks to strike a balance between your need to eliminate or restructure your debt, with the rights of creditors who will be forced to write off, write down or change the terms of your loan obligations. Your bankruptcy trustee, as the administrator of your “bankruptcy estate” has the legal obligation to verify the information set out in your bankruptcy petition.
Your bankruptcy trustee will review your tax returns to see if your income from last year is substantially different from your income as of the date you have filed bankruptcy. If you earned a lot more or a lot less last year, the trustee will want an explanation.
In a Chapter 13 payment plan, the IRS and state taxing authorities will automatically get notice that you have filed bankruptcy. If you have unfiled returns in the past, your tax liability will be unknown. Your Chapter 13 plan cannot be calculated if your tax liability is unknown so any notice from the IRS or state that you have not filed returns will generate a request from the trustee for you to produce returns for those years.
Bankruptcy can be an effective tool to help you solve lingering tax problems but your attorney cannot help you if you have one or more unfiled tax returns. Make sure to let your lawyer know about any unfiled returns prior to filing.
Want more information about Chapter 7 and Chapter 13 in Atlanta and north Georgia? Visit our web site at http://www.atlanta-bankruptcy-attorney.com or call Susan Blum or Jonathan Ginsberg at 770-393-4985 to ask any questions you may have.
Jonathan Ginsberg
Ginsberg Law Offices
Atlanta Bankruptcy Lawyers
770-393-4985
Видео Do Not File Bankruptcy if You Have Not Filed Your Tax Returns канала Personal Bankruptcy Law Atlanta
The U.S. Bankruptcy Code seeks to strike a balance between your need to eliminate or restructure your debt, with the rights of creditors who will be forced to write off, write down or change the terms of your loan obligations. Your bankruptcy trustee, as the administrator of your “bankruptcy estate” has the legal obligation to verify the information set out in your bankruptcy petition.
Your bankruptcy trustee will review your tax returns to see if your income from last year is substantially different from your income as of the date you have filed bankruptcy. If you earned a lot more or a lot less last year, the trustee will want an explanation.
In a Chapter 13 payment plan, the IRS and state taxing authorities will automatically get notice that you have filed bankruptcy. If you have unfiled returns in the past, your tax liability will be unknown. Your Chapter 13 plan cannot be calculated if your tax liability is unknown so any notice from the IRS or state that you have not filed returns will generate a request from the trustee for you to produce returns for those years.
Bankruptcy can be an effective tool to help you solve lingering tax problems but your attorney cannot help you if you have one or more unfiled tax returns. Make sure to let your lawyer know about any unfiled returns prior to filing.
Want more information about Chapter 7 and Chapter 13 in Atlanta and north Georgia? Visit our web site at http://www.atlanta-bankruptcy-attorney.com or call Susan Blum or Jonathan Ginsberg at 770-393-4985 to ask any questions you may have.
Jonathan Ginsberg
Ginsberg Law Offices
Atlanta Bankruptcy Lawyers
770-393-4985
Видео Do Not File Bankruptcy if You Have Not Filed Your Tax Returns канала Personal Bankruptcy Law Atlanta
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22 ноября 2014 г. 0:48:17
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