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Many types of taxes cannot be discharged in bankruptcy, ... For example, federal or state income taxes with a return due at least three years prior to filing may be eligible under Chapter 7. This ...
Tax refunds are intercepted with the purpose of forcing citizens to comply to their required debts. If one has student loan payments, child support payments, or worker's compensation payments that they have not fulfilled, then their refund will be intercepted and put towards the payments of those obligations.
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Submit copies of your most recent tax returns to the bankruptcy trustee. Be prepared to provide further documentation the trustee or court may require. Attend the meeting of creditors (341 meeting) .
According to the IRS, the average tax refund for 2022 is $2,933, as of Mar. 17 -- and the agency has already refunded nearly 54 million overpayments. That's almost an 85% increase over the number ...