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Bankruptcy Explained: Types and How It Works

Bankruptcy is a legal proceeding for people or businesses that are unable to repay their outstanding debts.

Declaring bankruptcy

During your bankruptcy you must continue to file, or get an extension of time to file, all required returns. ; During your bankruptcy case you should pay all current taxes as they come due. ; Failure to file returns and/or pay current taxes during your bankruptcy may result in your case being dismissed.

Cancellation of Debt (COD): Definition, How It Works, How to Apply

personal bankruptcy. Debts forgiven by a creditor are generally considered taxable income. Canceled debt will typically be reported by the creditor to the IRS and to the debtor on a 1099-C...

Bankruptcy 101: Types, How It Works and Ways to Avoid Filing for Bankruptcy in 2024

Bankruptcy is a legal proceeding that can lessen the load of your debt, but it has disadvantages like legal expenses and credit impacts. Learn about the key aspects of bankruptcy, including the dif...

Chapter 13 bankruptcy - voluntary reorganization of debt for individuals

Chapter 13 bankruptcy is only available to wage earners, the self-employed and sole proprietors (one person businesses). To qualify for Chapter 13, you must have regular income, have filed all required tax returns for tax periods ending within four years of your bankruptcy filing and meet other requirements set forth in the bankruptcy code. To take full advantage of the bankruptcy laws and get a fresh start, it is important that you do not continue to incur additional debt. If all or part of the...

What Debt Can't Be Discharged in Filing for Bankruptcy?

In the case of federal taxes, for example, the Internal Revenue Service (IRS) can offer... Debt settlement and bankruptcy can both help you achieve a fresh start by eliminating debts that...

Bankruptcy Tax Guide

17 Debt Cancellation. 18 Exclusions. 18 Reduction of Tax... automatic IRS extension, if later). After notice and hearing, the bankruptcy court may extend the period for another 30...

Federal Tax Debt and Bankruptcy: Navigating the Legal Landscape for Financial Relief

by Phillip Mixon, CPA/JD Bankruptcy Basics Federal courts, in their exclusive jurisdiction over bankruptcy cases, give people and businesses a fresh start when they can no longer pay their debts. T...

What Happens When You File for Bankruptcy?

Individuals can file either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Here is how the two types work and some alternatives to consider first.

IRS sues FDIC over Silicon Valley Bank's $1.4 billion tax debt

45 billion tax debt owed by the failed Silicon Valley Bank.... The IRS and the FDIC did not immediately respond to requests... SVB Financial, which filed for bankruptcy after Silicon Valley...

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