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The asset base for the insolvency exemption includes tax-advantaged retirement accounts, almost all types of which are excluded by law from the asset base in bankruptcy. [27] The asset base for the insolvency exclusion also includes assets that serve as collateral for any debt carried by the taxpayer.
The think tank Institute on Taxation and Economic Policy (ITEP) considers property tax caps like Proposition 13 poorly targeted and instead advocates "circuit breaker" caps or homestead exemptions to levy property taxes based on ability to pay; [36] yet in 2018, ITEP ranked California's tax code as the most progressive in the United States, [37 ...
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]
Asset protection planning requires a working knowledge of federal and state exemption laws, federal and state bankruptcy laws, federal and state tax laws, the comparative laws of many jurisdictions (onshore and offshore), choice of law principles, in addition to the laws of trusts, estates, corporations and business entities.
Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
The federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by state. Chapter 13 bankruptcy does not put your vehicle at risk, and you will continue to make payments under a ...