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Filing and IRS Bankruptcy Basics

Filing and IRS Bankruptcy Basics

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Published by getirshelpfrmmish
Discover how the common myth that IRS tax debt cannot be discharged in bankruptcy is false from experienced tax attorney Darrin T. Mish.
Discover how the common myth that IRS tax debt cannot be discharged in bankruptcy is false from experienced tax attorney Darrin T. Mish.

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Published by: getirshelpfrmmish on Aug 05, 2009
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08/04/2009

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Filing and IRS Bankruptcy BasicsIn essence, bankruptcy already has a negative connotation, and thisnegativity is amplified with the recent amendments in the laws pertainingto it. For some people, on the other hand, this turns out to be their lastalternative. Hence, it is imperative that we have a good grasp on what theconcept really is, what the filing requisites and procedures are and whatthe process is. The necessity to consult a Tampa tax lawyer should not beneglected as his expert opinion is very important in bankruptcy filings.Bankruptcy is a situation when a person or business no longer has thecapacity to settle dues. When applied to individuals, three types ofbankruptcy surface:*Chapter 7 is most often filed by individuals or couples. Debtors have aperiod of time to liquidate assets to settle debts. They areallowed to keep enough to start over financially (meaning they need not have to selleverything)*Chapter 12 is made specifically for family farmers or fishermen*Chapter 13 is also referred to as debt reorganization. This is for peoplewho demonstrate the ability to settle some or all of their debts. Usually,debtors are given three to five years to pay off the debts.Businesses have three options: Chapters 7, 11, and 15. Chapter 7 businessbankruptcies result in the shutting down of the business. Chapter 11 aidsbusinesses reorganize debt and operations while staying in operation.Chapter 15 deals with the eradication of foreign debt. Your Tampa taxlawyer will help you identify which, if any, form of bankruptcy you can beclassified into.Bankruptcy relief includes, among others, credit card debt, medical billsand unsecured loans. Child or spousal support and some tax debts, on theother hand, cannot form part of bankruptcy relief.What are the filing guidelines? Again, this is an area where a Tampa taxlawyer can provide very important assistance. The bankruptcy provisionswere reworked in 2005, making the process less simple and tough fordebtors. Outlined below are a few of the rules and regulations:*Numerous amounts of paperwork regarding income and expenses are necessaryfor filing. Your Tampa tax lawyer can help you identify which forms youshould submit and help you generate them.*Debt counseling from pre-approved counseling institutions is needed sixmonths before filing.*You need to hit income requirements. The recent laws are directed atdecreasing the number of people who file for Chapter 7. You are supposed

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