Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

What Are The Exemptions For Bankruptcy In Florida?

In a Chapter 7 case, in order to obtain the benefit of the discharge, meaning the wiping out of the debt, the tradeoff that the federal government has set is that a consumer is limited on the amount of assets they can keep. The exemptions are the list of property that comes from state and federal law, which says which things you are allowed to keep. In Florida, the abbreviated list includes your homestead or primary residence, a certain allowance of personal property, which includes basic household goods, a limited allowance of vehicle equity, retirement funds, and some other assets. In cases outside of Chapter 7, such as Chapter 13, you are allowed to keep all of your assets, but the exemptions may affect your monthly repayment plan.

First BP Witness Takes Stand Monday

May 29, 2013

The trial will determine what additional money BP and its contractors must pay out to claimants, including in Clearwater and Pinellas County.

BP is expected to call its first witness Monday at a trial to determine how much more money in damages may be paid out from the well blowout in the Gulf of Mexico.

The Associated Press is reporting that Halliburton, BP’s cement contractor on the Deepwater Horizon drilling project, just rested its case. This next phase of the trial is expected to last six weeks.

U.S. District Judge Carl Barbier is hearing the testimony in the trial in New Orleans. The trial is to detail reasons for, and assign blame in, the disaster.

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Ziegler Diamond Law: Debt Fighters, provides effective legal services to consumers in Clearwater, Florida, and throughout the Tampa Bay area who are facing home foreclosure, unmanageable debts, debt collector harassment, or other debt-related problems.

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First BP Witness Takes Stand Monday

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