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For federal income tax purposes, the bankruptcy estate of an individual in a Chapter 7 or 11 case is a separate taxable entity from the debtor. [14] The bankruptcy estate of a corporation, partnership, or other collective entity, or the estate of an individual in Chapters 12 or 13, is not a separate taxable entity from the debtor. [15]
1/60th of all secured debt that will become due in the five years after the filing of the bankruptcy case, 1/60th of all priority debt, and; continued contributions to tax-exempt charities. An itemized list of the applicable IRS living standards can be found at the US Trustee's website. [3]
The goal of declaring bankruptcy varies, but usually involves the dissolution of burdensome unsecured debt (as in Chapter 7 bankruptcy) or debt restructuring or repayment (as in Chapter 11 or ...
A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy. Certain real and personal property can be exempted on "Schedule C" [42] of a debtor's bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy exemptions are available only to individuals filing bankruptcy. [43]
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Before you can file for Chapter 7 or Chapter 13 bankruptcy, you are required to attend credit counseling. Your credit counselor will go over your options. Your credit counselor will go over your ...