Do you have kids? Do you have an ex (or a soon-to-be ex)? If so, then you have some figuring-out to do, because it is tax time, and who gets the tax credits for the kids is one of the most fought-... more
This is a common question that comes from many of our clients. Whether you received a discharge in a Chapter 13 or a Chapter 7, the debts that have been discharged are not income for tax purposes.... more
Its human nature to want to avoid unpleasant experiences. Thats why there are so many cavities and income tax extension requests. However, one thing that people should not avoid is paying court-... more
The United States Tax Court has ruled that Father whose ex-wife disappeared with their two children in 1999, cannot claim dependency exemptions that he was entitled to under the parties' divorce... more
There are some debts and obligations that will not be discharged
in a Chapter 7 bankruptcy.
These debts include:
Federal, State, and local taxes that became due in the last 3 years;
Court ordered... more
The parties can either agree to split the tax exemption for dependent children as they wish, but if they don't specify, it will be allocated in proportion to the parties' respective adjusted gross income.
Debtors in Chapter 7 are required to give up nonexempt property that they own at the time of the filing; they are allowed to keep both exempt property that they own at the time of filing and any... more