Bankruptcy Questions:
1. Can taxes be discharged in a bankruptcy?
Certain taxes can be discharged in bankruptcy. Income taxes can be discharged if (1) the return due date is more than three years prior to the date of the bankruptcy filing, (2) the tax return must be filed more than two years before the bankruptcy is filed, and (3) the taxes must be assessed more than 240 days prior to the filing of a bankruptcy. There are other issues that could affect the discharge of the taxes such as Federal Tax Liens, taxes due to fraud, the filing of an Offer in Compromise and several other issues.
2. What assets can be protected in a bankruptcy?
In Texas, an individual has the option of using the Federal Exemptions or the State Exemptions. The State Exemptions are more liberal for items such as homesteads, automobiles, household items, jewelry and certain other items. Federal Exemptions are generally smaller, but allow exemptions for items that are not covered by the State Exemptions.
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Harlan H. Guettermann, PC
4422 FM 1960 West
Suite 410
Houston, TX 77068
tel 281.587.1040
fax 281.537.9025
HGuettermann@aol.com
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