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Bankruptcy Attorneys in Indianapolis Since 1980

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Taxes

How Filing Tax Returns Late and Unpaid Taxes Affect Your Bankruptcy Case

July 25, 2017 By TomScottLaw

Filing Tax Returns Late and Unpaid Taxes Affect Your Bankruptcy Case

A recurring theme bankruptcy lawyers deal with is tax returns not filed on-time. Determining tax liabilities in bankruptcy cases can be very complex. If a debtor pays back taxes through a bankruptcy plan, when the case is discharged the IRS can charge the debtor for the unpaid interest on those taxes. Even if you cannot […]

Filed Under: Personal Bankruptcy in Indiana, Taxes Tagged With: Delinquent Taxes, Non-Priority Taxes, Priority Taxes, Proof of Claim, Tax Liabilities

Differences Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

June 7, 2016 By TomScottLaw

The primary difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy is that a Chapter 7 bankruptcy can eliminate debt in a period of three to four months compared to the three to five years it takes to complete a Chapter 13 plan. Under certain circumstances, a Chapter 13 bankruptcy can be converted […]

Filed Under: Chapter 13, Chapter 7, Credit Score, Taxes Tagged With: credit report, credit score, nondischargeable debt, student loan, umbrella

Accruing Post-Petition Interest on Unpaid Federal Taxes (Interview Part 3 of 3)

April 26, 2016 By TomScottLaw

Penalties for unpaid federal taxes are still dischargeable when filing for bankruptcy, but they will accrue post-petition interest that is owed to the IRS. Debt limit amounts have changed for Chapter 13 cases, as of April 1, 2016. Editor: We recently discussed the changes in the bankruptcy laws with Christopher Holmes, Jess M. Smith, III, […]

Filed Under: Chapter 13, Non-Dischargable Debt, Property & Asset Protection, Taxes Tagged With: 109(e), Accrue Post-Petition Interest, Chapter 11, Chapter 13 Debt Limit, Department of Education, Federal Register, Indiana Department of Revenue, IRS

Property You Can Protect When You File for Bankruptcy (Interview Part 2 of 3)

April 26, 2016 By TomScottLaw

Retirement accounts are exempt from creditors when filing for bankruptcy, but an inherited IRA is not. A recent ruling extending the time to cure arrearage might help you save your house after a tax sale. Editor: We recently discussed the changes in the bankruptcy laws with Christopher Holmes, Jess M. Smith, III, partners at Tom […]

Filed Under: Foreclosure of Home / House / Real Estate, Personal Bankruptcy in Indiana, Property & Asset Protection, Taxes, Vehicles Tagged With: 401k, Inherited IRA, IRA, Life Insurance, Pension Plans, Preferential Transfer, Statutory Redemption Period

What’s New in Bankruptcy Law in Indiana (Interview Part 1 of 3)

April 26, 2016 By TomScottLaw

The official bankruptcy forms changed as of December 1, 2015, which will impact pro se debtors filing Voluntary Petitions. Mistakes made by pro se debtors include handling of tax refunds and submission of the document production form. Indiana bankruptcy exemption limitations have also changed. Editor: We recently discussed the changes in the bankruptcy laws with […]

Filed Under: Exemptions, Personal Bankruptcy in Indiana, Property & Asset Protection, Taxes Tagged With: Document Production Form, Indiana Code 34-55-10-2, Meeting of Creditors, Pro Se Debtor, Voluntary Petition

Tax Returns, the Affordable Care Act (Obamacare), and Bankruptcy

August 16, 2015 By TomScottLaw

We recently interviewed Christopher Holmes and Jess M. Smith, III, the senior partners at Tom Scott & Associates, P.C. Below is Part 3 of that interview, which focuses on filing your taxes in relation to when you file for bankruptcy, as well as how a subsidize premium for health insurance purchased through the Healthcare.gov website […]

Filed Under: Chapter 13, Taxes Tagged With: Affordable Care Act, Bankruptcy Discharge, Form 8962, Hamilton County, Healthcare.gov, Insurance Premium Tax Credit, IRS, Iternal Revenue Service, Noblesville, Obamacare, PTC, Tax Returns, Three-Year Rule

Liquidating Tax Debt / Protecting Co-Debtors: Basics of Bankruptcy – Chapter 13 vs. Chapter 7 – Part 4

November 3, 2013 By TomScottLaw

The previous installment of our series “Basics of Bankruptcy” discussed some of the reasons to file a Chapter 13 bankruptcy vs. Chapter 7 as they relate to cars and other personal collateral. This last installment looks at reasons why Chapter 13 might be the better choice for personal bankruptcy than Chapter 7 when it comes […]

Filed Under: Chapter 13, Personal Bankruptcy in Indiana, Property & Asset Protection, Taxes Tagged With: 401k, pension, real estate taxes, retirement fund, tax debt

Can I keep my tax refund?

July 5, 2013 By TomScottLaw

Being able to keep your tax refund during bankruptcy will depend on a few circumstances, so be sure to have your situation properly evaluated by your bankruptcy attorney before you cash a tax refund check from the U.S. Treasury. For immediate assistance, please contact us.

Filed Under: Property & Asset Protection, Questions About Bankruptcy, Taxes

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Phone: 317-786-6113

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