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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....

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Chapter 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...

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Bankruptcy, 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...

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Tax 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...

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Make 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...

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