×

Tag : tax

Can I Fund My IRA Before I File For Bankruptcy?

Bankruptcy Law Overview, Chapter 13, Chapter 7, Exemptions, Taxes & Bankruptcy

Let’s talk about your retirement accounts as they relate to your decision to file for bankruptcy.  There are many varieties and vehicles for retirements savings that include pensions, 401k, 403b, IRA and Roth IRA accounts.  Perhaps there are others that I am not aware of.  As I have said before, DO NOT CASH OUT YOUR […]

Would You Suggest a Strategic Bankruptcy?

Chapter 13, Chapter 7

Would you advise your client to file a Strategic Bankruptcy?  I read Michael Doan‘s recent blog article about the subject and would like to add there are tax advantages to home ownership that were not considered in the equation.  A homeowner receives the tax advantage of writing off the mortgage interest paid on their loans […]

Federal Income Tax in Chapter 7 Bankruptcy

Chapter 7, Taxes & Bankruptcy

Generally, taxes are treated the same as other debts in a chapter 7 bankruptcy case.  Taxes may be treated as secured, unsecured, or non-priority unsecured, or some combination.  IRS Code, found in 26 U.S.C. 6321, states that the government is secured if it has recorded a notice of lien.  Taxes that have been recorded as […]

anchor.fmListen on
Anchor.fm
SpotifyListen on
Spotify®