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Tax Records and Bankruptcy
With the
bankruptcy law reform of 2005 in effect, you
will need to provide more documents to file
for bankruptcy. One of these additional
documents will include your tax returns. You
will need to provide your tax returns to
prove your income to your creditors and the
court. The court will then use this
information to make sure you truly need
bankruptcy and in determining how much money
you can afford to repay your creditors.
You will have to provide the most recent tax
return or a tax transcript at least seven
days before your 341 meeting (meeting of
creditors). If you fail to provide this
information, the court will dismiss your
bankruptcy case. In fact, most diligent
attorneys will want you to provide this
information in order to prepare your
paperwork, so you'll likely have to provide
the tax return or transcript shortly after
meeting with your attorney.
The new law also requires that the most
recent tax return must be made available to
any creditor who requests it at any point
during your bankruptcy proceedings.
Tax Records and Chapter 13 Bankruptcy
If you have opted for a Chapter 13
bankruptcy, make sure you have filed all
your tax returns from the past four years.
Your repayment plan will not be confirmed
until you have done this.
Conclusion
Under new bankruptcy reform legislation, you
will be required to provide your attorney
with copies of the tax returns or
transcripts to proceed with your bankruptcy.
Are you one
of the many that suffer from insurmountable
debt and wonder if bankruptcy is an option?
Give us a call at (203) 924-6700 or
contact us.
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At these seminars an attorney will personally go over your
mortgage looking for a defense