Discharging Income Taxes in Bankruptcy
There are four general requirements for discharging an income tax in bankruptcy. Initially, the tax must be one for which the return was not last due within three years of the filing of the bankruptcy....
View ArticleChapter 7 Bankruptcy and Unpaid Tax Liabilities
One issue that periodically comes up in Chapter 7 bankruptcy cases is unsatisfied tax liability. As of late, the IRS and New York State Department of Taxation and Finance, have been aggressive in...
View ArticleBankruptcy, Cancellation of Debt and Tax Issues
I am often asked if the debt discharged in bankruptcy is treated as debtor’s income and is subject to taxes. The answer to that question under the Bankruptcy Code, for both Chapter 7 Bankruptcy and...
View ArticleTax Refunds and Chapter 7 Bankruptcy
It is that time of the year again. Starting in the beginning of the year and until April 15, debtors are filing their federal and New York State income tax returns. For those debtors who are thinking...
View ArticleMake a Choice Between Bankruptcy and Short Sale
Homeowners who are underwater on their home mortgages (underwater mortgage means that the homeowner owes more than his/her house is worth) often attempt to do a short sale. A short sale occurs when the...
View Article
More Pages to Explore .....