|
|
| *Loan,banking and credit>>>income tax |
Does anyone know how a simple personal Chapter 7 Bankruptcy will affect my federal and PA state income taxes? |
If you answer my question please be specific, I already turned to all the resources; www.irs.gov and pub 908 and they do not help me, they just confuse me even more. If you're talking about a refund, they will place a lien on any refund and use it to pay your creditors. If you're talking about a tax liability, it will not erase your tax liabilities. You will always owe the government. As for tax withholding, it's business as usual. You will still owe what you owe at the end of the year, you just won't get any refund of overpayments as I mentioned first. In Oklahoma the year (2002) i filed for chapter 7. The bankruptcy court took my 2001 state and federal refund an applied it too what i owed my creditors. They received a percentage with the bankruptcy trustee getting about a fourth (650.00) The following year all mine you wont get any tax refunds until the bankruptcy is paid off and it is paid off and discharged. |
| Tags |
| tax software tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |