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.

Resources

Legal Bankruptcy Without Losing It All

There are many bankruptcy lawyers Tampa, FL area folks may recommend but not all of them have the extra layers of protection and security for their clients the way the bankruptcy fighting team of lawyers at the Law Office of Michael A. Ziegler, PL do. With things such as our unique way of developing a personal Debt Freedom Strategic Plan that is designed to meet your and your families financial and material needs while still getting you out from under, and then over your difficult bankruptcy issues is just one of them.

Bankruptcy Resources

If you are in the Tampa / Clearwater area and are in debt and looking for a way to get out of it legally while still being able to retain possession of important assets and savings, a bankruptcy lawyer who is licensed to practice law and to give legal advice, is the best person to get legal advice from. But if you would simply like information to familiarize yourself with some of the many components of filing bankruptcy along with some pros and cons of doing so, our legal team has put together the information links below that may be helpful.

Please note, if you are looking for sound legal advice, the informational links below should not be construed as such but you are welcome to contact the team of top rated bankruptcy lawyers here if you have any questions or think that you definitely need sound legal advice. The dedicated legal team at the Law Office of Michael A. Ziegler, PL is available to discuss your situation and to give you a free case evaluation that may help you make decisions about what your options may be.

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