There is a myth that income taxes can never be discharged in bankruptcy. For individuals or families facing economic difficulties taxes can be particularly difficult to overcome because of penalties and interest that accrue. In reality, you can discharge your back federal, state, and local income taxes in Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Making a determination on which taxes are capable of being discharged can be complicated. However, it is possible to discharge entire tax debts in bankruptcy, if the taxes fall within three important requirements: 3-Year Requirement. The first requirement is that for taxes to be dischargeable, they must become due at least three years before you file for bankruptcy. Bankruptcy CodeB B’507(a)(8)(A)(i). 2-Year Requirement. Second, your income tax returns must have been filed two years before filing your bankruptcy petition. This means you can discharge income taxes, even if you filed your tax forms late,…
Read More »
A media company that owns local newspapers across the country plans to file for bankruptcy, as was ok’d recently. The publication assets of the company have already found an owner and a new investor and will be “repackaged” as a company that, hopefully, will have a surer financial footing. GateHouse Media owns 32 publications in Missouri, many of which serve smaller towns like Aurora, Osage Beach and Waynesville. The media market these days is a tough one, and at some point, GateHouse Media’s finances got turned around. It was unable to straighten them out, and so will file for Chapter 11 bankruptcy, the form of bankruptcy most often chosen by businesses. It will sell off its publication assets and focus on a slimmer, more concentrated portfolio of real estate holdings. This bankruptcy filing will give the company and the publications it owns some space from their pressing financial obligations. With…
Read More »
Our very own bankruptcy attorney Tracy Wrisinger presented at the American Land Title Association National Convention in West Palm Beach recently. Embedded herein is her lecture on The Effect of Bankruptcy on Title Claims with Co-Presenter Cheryl Cowherd of Agents National Title in Kansas City. Tracy and Cheryl addressed professionals in the title industry, many of whom were underwriters who assess risk with respect to title work. Tracy explained the various Chapters of bankruptcy and how different declarations by the debtor and orders of the court affect the alienation of title. If you have any questions, please contact the Sader Law Firm by calling (816) 561 1818.
*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
© 2010–2024 The Sader Law Firm
Book an
Email
Directions
