federal tax bankruptcy
How To File Chapter 13 How To File Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a repayment plan for all your debts. It is away to reorganize what you owe, get lower interest rates and have 3 to 5 years to pay them back. The reason some people like to file this bankruptcy instead of chapter 7, is because you will get to keep your assets.
Step by step How To File for Chapter 13 bankruptcy
- You must attend a approved credit counseling class under the United State Trustee’s Office. You cannot do anything else until you get a certificate that says you have taken the class.
- File with court
- The certificate for the credit counseling class
- Federal tax return for previous year
- list of assets and liabilities
- current income and expenditures
- contracts of un-expired leases
- statement of financial affairs
- a debt repayment plan (this is what you will accomplish in credit counseling class)
- Evidence of payment from employers
- statement of monthly net income and any anticipate increase
- Record of any interest that you may have in federal or state qualified education or tuition accounts.
3. Now you must provide information to the Chapter 13 case trustee:
- A copy of tax return for most recent tax year
- Tax returns filed during the case
- Tax returns for prior years that had not been filed when case began
Bankruptcy Forms:
- A list of all creditors and the amounts and nature of their claims
- the source, amount and frequency of your income
- A list of all your property
- Detailed list of monthly living expenses
4. When the filing is done you will be appointed an impartial trustee to administer the case.
5. After 20 to 50 days after you file the your trustee will hold a meeting of creditors. This is where you meet with all you creditors and answer any questions they may ask.
6. Unsecured creditors will file their claims with the court within 90 days of the creditors meeting
7. After the meeting you, the trustee and creditors will go to court to hear the repayment plan.
8. The court will then decide if your bankruptcy is approved.
About the Author
LJ Adama writes articles on financial advice and bankruptcy help. To get a better understanding on how to file bankruptcy and to learn about chapter 7 as well as chapter 13 please visit bankruptcychapter7and13.com
Bankruptcy, Multiple Addresses, and Filing Federal And State Taxes?
I need help, Please.
I lived in PA my whole life, own a home there. I lost my job 1.5 years ago, and I had to file bankruptcy in april of 2007. For the past 8 months I have been staying with a friend and working in Missouri. But my home is in PA, but been using my friends address for local employment.
My question is:
Do I file my federal and state taxes for Pennsylvania like I always have? If I do that, and on my PA forms, put down taxes that were paid to MO, or do I have to file MO only, and if I do that, PA will be looking for me for taxes? Or if I do the PA income tax, will MO be after me for a tax return?
Also, does my bankruptcy and chapter 13 payment plan affect my tax return at all?
I am in need of help. I always do my taxes myself cause I cannot afford to pay an accountant right now.
Please help.
If you use a program like TurboTax it will take you thru the process and asks you the relevant questions. $40 is a good investment in knowing you did your best with this gruesome task. I highly recommend it because tax code is complex and none of us is expert. Their publications are written by bureaucratic lawyers and not in real English.
you pay income on taxes depending on where it was earned, in this case MO. the only taxes you would pay in PA (not to the IRS) are property taxes on your home.
can’t address bankruptcy but I think the TurboTax program does
Federal Tax Relief: How To NOT PAY The IRS