Category: Tax Issues
By David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
closeAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (46) on Mar 18, 2009 in Exemption Issues, Featured, Tax Issues | 0 Comments
As April 15 draws near, clients often ask “Can I keep my income tax refund in bankruptcy?” Depending upon the laws of your state and the amount of the refund, the answer often is Yes!
Here’s what you have to do.
Like everything else in bankruptcy, it is very important that you be completely open and honest [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (46) on Jan 29, 2009 in Exemption Issues, Featured, General Bankruptcy Information, Illinois, Tax Issues, Wisconsin | 0 Comments
Tell your bankruptcy attorney if you are expecting an income tax refund or economic stimulus payment.
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (46) on Jan 8, 2009 in Chapter 7 Bankruptcy, Exemption Issues, Illinois, Tax Issues, Wisconsin | 1 Comment
Do you get to keep your tax refund when you file for bankruptcy?
Many people who are thinking about bankruptcy at this time of year forget that their income tax refunds are a valuable asset. If you file your bankruptcy case before you get your income tax refund, you may lose it.
If your income tax refund [...]
By Nicholas Ortiz, Boston Bankruptcy Attorney
closeAuthor: Nicholas Ortiz, Boston Bankruptcy Attorney
Name: Nicholas Ortiz, Boston Bankruptcy Attorney
Email: nfo@mass-legal.com
Site: http://www.bkmass.com/
About: Helping consumers and small businesses in the following counties of Massachusetts: Suffolk; Norfolk; Essex; Middlesex; Plymouth; Bristol; Barnstable; Dukes; Nantucket. Visit my website www.bkmass.com to set up an initial consultation and to learn how I can help you. Mention Bankruptcy Law Network when you callSee Authors Posts (145) on Dec 12, 2008 in Chapter 7 Bankruptcy, Massachusetts, Tax Issues | 0 Comments
In the case of In re Bernard, 2008 WL 5050132 (Bkrtcy.D.Mass.2008), Judge Rosenthal of the Massachusetts Bankruptcy Court addressed two important means test issues. The debtors’ means test form showed that they had “passed” the test, but the UST argued that the form was completely incorrectly in two ways: (1) that the debtors did [...]
By Nicholas Ortiz, Boston Bankruptcy AttorneycloseAuthor: Nicholas Ortiz, Boston Bankruptcy Attorney
Name: Nicholas Ortiz, Boston Bankruptcy Attorney
Email: nfo@mass-legal.com
Site: http://www.bkmass.com/
About: Helping consumers and small businesses in the following counties of Massachusetts: Suffolk; Norfolk; Essex; Middlesex; Plymouth; Bristol; Barnstable; Dukes; Nantucket. Visit my website www.bkmass.com to set up an initial consultation and to learn how I can help you. Mention Bankruptcy Law Network when you callSee Authors Posts (145) on Dec 10, 2008 in Tax Issues | 0 Comments
This past week, I wrote about discharging taxes in bankruptcy and about the three-year, 240-day, and two-year rules. This is the fourth and final installment regarding income tax dischargeability concerning unfiled or fraudulent returns and tax evasion. For an income tax to pass the fourth test, the following must be true:
1. The return [...]
By Nicholas Ortiz, Boston Bankruptcy AttorneycloseAuthor: Nicholas Ortiz, Boston Bankruptcy Attorney
Name: Nicholas Ortiz, Boston Bankruptcy Attorney
Email: nfo@mass-legal.com
Site: http://www.bkmass.com/
About: Helping consumers and small businesses in the following counties of Massachusetts: Suffolk; Norfolk; Essex; Middlesex; Plymouth; Bristol; Barnstable; Dukes; Nantucket. Visit my website www.bkmass.com to set up an initial consultation and to learn how I can help you. Mention Bankruptcy Law Network when you callSee Authors Posts (145) on Dec 7, 2008 in Tax Issues | 0 Comments
This is the third installment in a series of posts analyzing when an income tax can be discharged in bankruptcy. The first two requirements–the three-year rule and 240-day rule–were discussed previously.
The third requirement is this: If a return is filed late, it must not be filed within two years of a bankruptcy for the [...]
By Nicholas Ortiz, Boston Bankruptcy AttorneycloseAuthor: Nicholas Ortiz, Boston Bankruptcy Attorney
Name: Nicholas Ortiz, Boston Bankruptcy Attorney
Email: nfo@mass-legal.com
Site: http://www.bkmass.com/
About: Helping consumers and small businesses in the following counties of Massachusetts: Suffolk; Norfolk; Essex; Middlesex; Plymouth; Bristol; Barnstable; Dukes; Nantucket. Visit my website www.bkmass.com to set up an initial consultation and to learn how I can help you. Mention Bankruptcy Law Network when you callSee Authors Posts (145) on Dec 5, 2008 in Tax Issues | 0 Comments
As I previously wrote, there are four general requirements for discharging income taxes in bankruptcy. The first is the three-year rule. The second, which I’ll discuss here, is the 240-day rule.
For an income tax to be dischargeable, it must not have been assessed with 240 days of the filing of the bankruptcy. [...]
By Nicholas Ortiz, Boston Bankruptcy AttorneycloseAuthor: Nicholas Ortiz, Boston Bankruptcy Attorney
Name: Nicholas Ortiz, Boston Bankruptcy Attorney
Email: nfo@mass-legal.com
Site: http://www.bkmass.com/
About: Helping consumers and small businesses in the following counties of Massachusetts: Suffolk; Norfolk; Essex; Middlesex; Plymouth; Bristol; Barnstable; Dukes; Nantucket. Visit my website www.bkmass.com to set up an initial consultation and to learn how I can help you. Mention Bankruptcy Law Network when you callSee Authors Posts (145) on Dec 3, 2008 in Tax Issues | 0 Comments
There are four general requirements for discharging an income tax in bankruptcy. In this post, I will discuss the first: The tax must be one for which the return was not last due within three years of the filing of the bankruptcy. Therefore, if a 2005 income tax return was last due on [...]
By Nicholas Ortiz, Boston Bankruptcy AttorneycloseAuthor: Nicholas Ortiz, Boston Bankruptcy Attorney
Name: Nicholas Ortiz, Boston Bankruptcy Attorney
Email: nfo@mass-legal.com
Site: http://www.bkmass.com/
About: Helping consumers and small businesses in the following counties of Massachusetts: Suffolk; Norfolk; Essex; Middlesex; Plymouth; Bristol; Barnstable; Dukes; Nantucket. Visit my website www.bkmass.com to set up an initial consultation and to learn how I can help you. Mention Bankruptcy Law Network when you callSee Authors Posts (145) on Dec 1, 2008 in Tax Issues | 0 Comments
The BAPCPA amendments to the Bankruptcy Code allow creditors to request a tax return directly from a debtor. Section 521(e)(2) provides that:
(A) The debtor shall provide-
(i) not later than 7 days before the date first set for the first meeting of creditors, to the trustee a copy of the Federal income tax return required [...]
By L. Jed Berliner, Massachusetts Bankruptcy Attorney
closeAuthor: L. Jed Berliner, Massachusetts Bankruptcy Attorney
Name: L. Jed Berliner, Massachusetts Bankruptcy Attorney
Email: jed@berlinerlaw.com
Site: http://www.berlinerlaw.com
About: Attorney L. Jed Berliner has concentrated his law practice in bankruptcy, commercial litigation, creditors' rights and debtor's remedies since 1982, having generally practiced since 1976. He opened the Berliner Law Firm of Springfield, Massachusetts in 1988 and now practices exclusively in consumer bankruptcy and related consumer protection litigation.
Attorney Berliner received his Bachelor of Arts Degree from Cornell University in 1972, and his Juris Doctor degree from the University of Kansas in 1977. He practiced general law in northern Michigan, established a bankruptcy concentration in Boston, MA in 1982, and established his Springfield, MA practice in 1988.
Attorney Berliner is a regular and active contributor to the Bankruptcy Law Network, the Bankruptcy Roundtable, and the National Association of Consumer Bankruptcy Attorneys, three specialized consumer bankruptcy forums on the Internet, and is an informal mentor to regional practitioners. He contributed to the local rules on electronic filing rules and is recognized by his peers as an expert in consumer bankruptcy issues. He thoroughly enjoys being rated "excellent" in his client surveys.See Authors Posts (140) on Nov 29, 2008 in Bankruptcy Cases & Legislation, Bankruptcy Practice and Procedure, Massachusetts, Means Testing, Tax Issues | 0 Comments
The Means Test reduces income by actual tax expenses, among other permitted reductions. Problems arise when calculating an actual tax expense where there was a refund in the previous year.
A refund occurs when someone over-withholds from their income to pay their taxes. No one has a crystal ball, of course, so no one can ever [...]
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