Taxes

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Keeping Your Refund in a Washington Bankruptcy

Tax time has come again and many Seattle and Tacoma area bankruptcy filers are wondering whether they are going to be able to eliminate their debt and still keep their tax refund.  Thankfully, the answer is generally yes and here is Keeping Your Refund in a Washington Bankruptcy is always a plus. Chapter 13 bankruptcy filers are [...]

2018-05-14T03:28:54+00:00

Taxes Are A Big Concern For Bankruptcy Filers in Oregon

While taxes are a big concern for bankruptcy filers nationwide, it is a particularly pressing issue for Oregonians. This is so because in addition to taxes that might be due and owing to the IRS, Oregonians have to worry about taxes owed to the Oregon Department of Revenue.  While the IRS is always fairly reasonable [...]

2017-10-10T16:12:23+00:00

Debt Lawyer: What Happens to Income Taxes in Bankruptcy?

Unless you’re a debt lawyer, the interplay between bankruptcy and your income taxes can be confusing. However, it is important to understand how income tax debts and refunds impact your bankruptcy claim. A single mistake can be costly. Chapter 7 Bankruptcy and Income Taxes In a Chapter 7 bankruptcy, you can discharge some types of [...]

2018-05-14T03:52:04+00:00

Mortgage and Debt Forgiveness in Oregon and the IRS

If you lost your Oregon home in a foreclosure or gave it up in a short sale prior to 2014, there were no tax repercussions to the forgiveness of debt. Unfortunately, the exception in the tax laws that made this so has now expired. If you lost your principal residence in a foreclosure or gave [...]

2018-05-15T01:21:54+00:00

Tax Requirements and Advantages in Chapter 13 Bankruptcy

For many Oregon and Washington families Chapter 13 Bankruptcy represents an opportunity to finally resolve past due tax obligations. The opportunity eliminate older tax debt altogether and pay back the remaining balance at zero percent interest over a three to five year period with no penalties and often at the expense of other creditors is [...]

2018-05-15T03:23:14+00:00

Stay Away From the Tax Refund Anticipation Loan

Every year Oregon and Washington consumers are lulled into taking on Tax Refund Anticipation Loans (RAL). These loans, also known as advances on tax returns, are generated by banks, the usual suspects, and then processed through tax preparers. The idea is that the loan exists for a very short time, namely the time between the [...]

2018-05-15T04:00:26+00:00

Bankruptcy and Tax Returns

The time just before the holidays is tax planning season. The big question for those who've filed for bankruptcy or are considering filing for bankruptcy is whether they will receive a refund. On the day you file for bankruptcy, your assets become part of the “bankruptcy estate,” tax refunds included. The purpose of the estate [...]

2018-05-15T04:33:15+00:00

Tax Refunds in Washington and Oregon

The applicable state bankruptcy exemptions will likely determine whether you will be able to file bankruptcy and keep a potential 2011 tax refund. If the Oregon exemptions apply, you may find yourself handing over everything but the Earned Income Credit and the Making Work Pay credit. If the Washington exemptions apply, you will likely be [...]

2018-05-15T05:22:55+00:00

The IRS and the Automatic Stay

Even after the filing of a bankruptcy, the IRS can continue certain actions such as issuing a deficiency notice, continuing an audit, demanding the filing of a return and issuing an assessment. Filing a bankruptcy does, however, stop the IRS from issuing a lien, garnishing, your wages or seizing your assets or income. In bankruptcy [...]

2018-05-20T05:19:06+00:00

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Written by Tom McAvity, Esq., bankruptcy lawyer
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