Not Exactlly:
Debts are divided into two categories; dischargeable and nondischargeable. Dischargeable debts are those that the debtor is no longer personally liable to pay after the bankruptcy proceedings are concluded. Nondischargeable debts are those that are not canceled because of the bankruptcy proceedings. The debtor remains personally liable for their payment.
As a general rule, there is no discharge for you as an individual debtor at the termination of a bankruptcy case for the second and eighth priority taxes described earlier, or for taxes for which no return, a late return (filed within 2 years of the filing of the bankruptcy petition), or a fraudulent return was filed. However, claims against you for other taxes predating the bankruptcy petition by more than 3 years may be discharged. However, if the IRS has a lien on the debtor's property, this property may be seized to collect discharged tax debts.
Yes, taxes, any penalties along with or interest thereon are each given their own category and status in the BK and may be dismissed.
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
The disclosure of assets received after a BK discharge are determined by the type of bankruptcy filed; state, federal or combination thereof. A safe option would be to contact the BK trustee.
No. Federal taxes may not be discharged regardless of which state the bankruptcy is filed.
Bankruptcy is a federal action in a federal court, whether in New York State or elsewhere. You cannot get a loan while in a Chapter 7. No creditor will lend to you until you have received your discharge.
The federal government and the state
Possibly. It would depend on several things. For one whether or not the state you reside in allows Federal and/or State BK filings. Some states opted out of Federal bankruptcy. Persons considering bankruptcy should refer to the laws of their residential state.
If filing a federal bankruptcy, federal BK exemptions apply. If filing a state bankruptcy, the state's exemptions apply. A few states allow the debtor to choose either state or federal filing whichever is the most beneficial to the debtor. Bankruptcy Action, http://www.bankruptcyaction.com
Any stimulus payment will offset to a federal tax liability or other federal/state liability.
No. Bankruptcy cases go through Federal Bankruptcy Court, and are not part of the states' jurisdiction.
No. Child support is not dischargeable in either federal or state bankruptcy.
Bankruptcy is a Federal court and legal action. Your State makes little difference (albeit some federal district courts use the laws common to the States in their jurisdiction for some things in their rulings). * Bankruptcy laws were reformed in 2005 making the time limit between chapter 7 filings 8 years from the time of discharge and the time for filing a chapter 13 after a chapter 7 discharge 4 years.
ALWAYS a district court of the FEDERAL Bankruptcy Court system. The laws are Federal too, although, mainly to help conform to the local customs of the area that district court operates in, some provisions have State considerations.