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In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the trustee to repay creditors.
Back taxes is a term for taxes that were not completely paid when due. [1] Typically, these are taxes that are owed from a previous year. [ 2 ] Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Submit copies of your most recent tax returns to the bankruptcy trustee. Be prepared to provide further documentation the trustee or court may require. Attend the meeting of creditors (341 meeting) .
This is important within the bankruptcy process, and may affect an individual's decision to file Chapter 7 or Chapter 13 bankruptcy. State exemptions vary from strict to generous. For example, Texas is more lenient in allowing your homestead and up to $60,000 in personal property. [1] Texas also exempts certain investments and insurance policies.
Bankruptcy. The mere word can evoke shame, fear and dread — and for good reason. When you file for bankruptcy, your credit score takes a major blow, possibly dropping as much as 240 points ...
The deal would channel $12 billion to reduce the school property tax rate for homeowners and business properties, increase the homestead exemption, and create a pilot program to reduce taxes on ...
The estate may also include other items, including but not limited to property acquired by will or inheritance within 180 days after case commencement. [13] For federal income tax purposes, the bankruptcy estate of an individual in a Chapter 7 or 11 case is a separate taxable entity from the debtor. [14] The bankruptcy estate of a corporation ...