When To File Bankruptcy » tax returns

Under Chapter 13 Bankruptcy for the past 2 months, and wondering will they keep my tax returns?

admin — Mon, 06 Dec 2010 21:38:26 +0000

My wife is under Chapter 13 in her name, and files taxes for only herself. I’m a stay at home dad. Anyways, we have so much to do with our tax returns such as get clothes for our kids, pay on some utility bills, home improvement things..etc. When she files her taxes, will it all go to bankruptcy or will she get the full amount she should receive? The bankruptcy payment has been getting garnished out of her check weekly, and we are not behind in that……just hate to know they will take it all when we have some important things to do with that extra money. Please explain this to me!! Thank you!

Technorati Tags: bankruptcy, chapter 13, clothes, extra money, home improvement, important things, stay at home, stay at home dad, tax returns, utility bills

what documents do you need to have to file bankruptcy chapter 7?

admin — Sun, 14 Nov 2010 01:28:41 +0000

Are W-2s and tax returns required to be presented at any point to file bankruptcy chapter 7 in California?

Please speak from your experience only. Thank you.

Technorati Tags: 2s, bankruptcy chapter 7, tax returns

Question for a bankruptcy lawyer about required documentation?

admin — Mon, 08 Nov 2010 15:43:40 +0000

We are talking to this one law firm and the secretary is says we need the last 2 years tax returns to file for bankruptcy.

We have the full return from last year, but from 2007 some little things are missing. I ordered tax transcripts from the IRS which shows our AGI and everything from 2007, and I actually ordered for 2006 and 2005 which is over and above what they needed.

The "secretary" says we cannot proceed without the original W-2’s from 2007. The IRS says this is official tax documentation showing we filed and the amount of income we earned. Should I just drop this place and find anothe lawyer.

Are tax transcripts generally sufficent enough in your experience?

Technorati Tags: agi, bankruptcy, irs, lawyer, quot, tax returns, transcripts

What happens Chapter 7 bankruptcy in Ohio?

admin — Tue, 06 Jul 2010 01:15:23 +0000

Okay we lost a home due to foreclosure and have been informed to file bankruptcy on this debt before they try to take wages. Exactly what happens when you do this? Someone told me they will auction off your furniture kids toys anything you have pretty much. Including you won’t get tax returns for the next 3 years, it will all go to creditor. Is this correct? Any advice or anything else valuable to know? Thank-You so much in advance.

Technorati Tags: 3 years, bankruptcy, creditor, foreclosure, furniture, kids toys, tax returns, wages

Owe IRS around $90,000?

admin — Thu, 11 Feb 2010 09:36:48 +0000

I have completed all my back tax returns but have not yet filed them (2005-2008) and have come up with a tax owed of around ,000 which will surely be at least -,000 by the time penalty and interest are added in. My 2004 returns shows me owing ,000 and the IRS has already started the levy process against my personal income last week but made an error on the form so I have dodged a bullet until they get it corrected.

I spoke with the IRS this morning and told them how much my gross and taxes were for the 4 years I haven’t filed and they have asked me to fill out a collection information statement form 433F and have given me until Monday to call them back and give them the info on the phone.

Due to some huge unpaid medical bills, my debts outweigh my assets by at least 3 to 1 (assets ,000, debts including ,000 tax are around 0,000).

I have around ,000 cash saved, and ,000 equity in my house but cant find a lender because my credit is terrible.

Any suggestions? Will the IRS be able to give me an installment plan or could I opt for an offer in compromise? Or is bankruptcy an alternative?

I have never been in such a poor financial condition in my life.

Thanks.
Can I possibly do and offer in compromise? I realize now that federal taxes can not be discharged in a bankruptcy. Can the IRS do an installment agreement for ,000 or is the maximum ,000?
Thanks for all the advice but please get off your pulpits. Facts only please, no criticism. I know the situation I am in and how i got here. You dont need to remind me and/or accuse me. I just came here for answers. So lets stick to the answers people.
Any answers about the possibility of Offer In Compromise?
Can I do an installment contract for ,000 if I can pay it within 3 years?
AFTER I FILE ALL RETURNS DUE AND OWE ,000, CAN I GET AN INSTALLMENT AGREEMENT? IS IT POSSIBLE?

Technorati Tags: 3 years, assets, bankruptcy, collection information statement, debts, federal taxes, installment agreement, installment contract, installment plan, irs, levy, life thanks, offer in compromise, personal income, pulpits, tax returns, time penalty, unpaid medical bills