07 Feb What About The IRS?

Many People are under the impression that you can't wipe out IRS debt in bankruptcy. The good news is YES, you can wipe out not only IRS debt, but state tax debt, as well. BUT the tax debt must meet certain criteria. Mostly, for this article, we are talking about income taxes, but some other kinds of taxes may be dischargeable as well. The requirements for discharging income tax in bankruptcy are as follows:
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06 Feb Am I Required To List Inherited Assets?

When a person files bankruptcy, the creditors, the trustee and the Court have a right to know everything of value to which the filing person has a claim. Therefore, if you and all your cousins inherited your grandmother's teapot purchased from the S & H Green Stamps store in 1963, even if your cousin has the teapot at her house, your share of the teapot must be listed as an asset in your bankruptcy.
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04 Feb What happens to Non-filing Spouse’s Tax Refund in Bankruptcy?

What happens to tax refunds in a bankruptcy case?According to a recent decision by Judge Krechevsky of U.S. Bankruptcy Court in Connecticut, not only is a non-filing spouse's tax refund not part of the bankruptcy estate subject to a grab by the U.S. Trustee, the tax refund itself must be apportioned according to the contributions withheld from the respective spouse's pay in the calendar year for the tax refund.
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