Does Bankruptcy Clear Tax Debt?
Bankruptcy is often a great option for people who are seeking debt relief. Not every debt, however, gets discharged in a bankruptcy case, and there is a lot of confusion around how bankruptcy affects income tax debt. There are many cases in which people cannot pay their income tax debt, and in this article we […]
KEEP READING . . .What to look for when buying or selling a business in NYC
Businesses make the world run. They are assets that give rise to jobs, money, innovation, growth – any number of other amazing products that you can think of. For the people behind the business, buying and selling them are ways to leverage the opportunity. If you’re buying or selling a business in NYC, check out […]
KEEP READING . . .Can I discharge a credit card debt that was incurred to pay taxes?
As the tax return season is in full swing, many people have already filed their returns and, unfortunately, may owe the IRS or state taxing agency. While there are usually options available to pay taxes, many people don’t want to deal with an on-going debt. If you already had an eye towards filing for bankruptcy, […]
KEEP READING . . .What happens if you fail to turnover property in bankruptcy? You could lose your discharge!
When a bankruptcy case is filed, the goal is to keep the debtors with as much of their property as possible. Sometimes, though, to get the discharge, a debtor has to turnover property. Generally, it’s because they don’t have sufficient exemptions to protect the property. A very tricky asset can be a potential tax return. Even […]
KEEP READING . . .If I File for Bankruptcy, Can I Keep My Tax Return Refund?
Question: What happens to my tax return if I file for bankruptcy? It’s tax time, which means you’re excited about receiving a tax refund, or you’re dreading paying more in taxes.
KEEP READING . . .CAUTION: In a NY Bankruptcy, an asset may lose it’s protected status without you realizing it
For most people, bankruptcy cases are “successful” versus “unsuccessful” depending on whether they can keep most, if not all, of their property. Sometimes, this forecasting can be difficult to make. Even as a bankruptcy attorney, you may run with an assumption about an asset, and then someone challenges that assumption. In this case, the trustee […]
KEEP READING . . .Tax Debt is Discharged in Bankruptcy because IRS May Have Lost Tax Return!
Tax debts are one of those tricky things in bankruptcy where if everything wasn’t done right, then the debt doesn’t get discharged. The debtor has to file any missed returns. There are time periods that have to be cleared. Each tax year has to be considered on its own. In a very interesting case, a […]
KEEP READING . . .Case Review: In NYC, a late-filed tax return may result in tax liability being non dischargeable in bankruptcy :(
One reason people file for bankruptcy relief is to have tax liabilities discharged. Tax liabilities may often be assessed several years after the tax period, accrue tremendous interest, and are collectible for quite some time. While there is a pervasive notion that taxes, generally, are not dischargeable in bankruptcy, that is untrue. If a debtor […]
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