Articles Posted in Bankruptcy Timeline

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If you are considering bankruptcy and have an asset that may be of value and that may not be exempt in that bankruptcy case, it would be wise to speak with an experienced bankruptcy attorney before you transfer it to another person or entity.

Transferring assets to anyone prior to filing bankruptcy can result in the loss of the bankruptcy discharge, the loss of the asset or even jail time and fines under certain circumstances. In other words, the law has already “thought of that”.

Congress enacted specific provisions in the bankruptcy code (see sect. 548) which allows Continue reading

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Taxes for which returns were not filed at all or…were filed, but within 2 years of filing a bankruptcy are not dischargeable.

The issue here is not always just the two year date as that becomes relatively easy to calculate.

It is more often whether or not the return is actually a “return” for purposes of this rule.

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Tax debt that is based on your income and for which a return was required to be filed within 3 years prior to the filing of your bankruptcy petition is not dischargeable in bankruptcy. See 11 U.S.C. Sect 523(a)(1)(A).

The “due date” includes extension dates. So if you filed for an extension to Oct. 15. you would not begin counting the three year period until Oct 15.

The 3 year period is also extended by a prior bankruptcy plus 6 months.

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If you filed a chapter 7 bankruptcy within the last 8 years and received a discharge, you cannot file another chapter 7 bankruptcy.

It is common for chapter 7 bankruptcy filers to need another bankruptcy. So, what do they do?

If it has been less then 4 years, they use a chapter 13 bankruptcy.

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If you have filed a chapter 12 or more commonly a chapter 13 bankruptcy and received a discharge of one of those cases within the the last 6 years i.e. you cannot file a chapter 7 bankruptcy and receive a discharge.

This scenario is much less common in my experience than the debtor who has filed a chapter 7 bankruptcy previously and is seeking to file another chapter 7. In that situation the time between filing dates must be 8 years.

Read 11 U.S.C. Sect 727 (a)(9) for more.

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If you filed a chapter 7 bankruptcy and received a discharge within 8 years of the filing of your present chapter 7 bankruptcy case, you are not entitled to receive a discharge in the present case.

It is 8 years not 6.

Look at 11 U.S.C. Section 727 (a)(8).