You (or your spouse
if filing jointly) do not qualify to be claimed as a dependent on another person's tax return.
Your answers about your debts, assets and financial goals will help you and your bankruptcy lawyer determine
if filing Chapter 7 or Chapter 13 bankruptcy is best for you.
The criteria for getting a discharge in a case converted to Chapter 7 is the same as
if you filed as a Chapter 7 in the first place.
It is best to consult with a tax professional to see how the tax bill will differ
if you file separately as opposed to jointly.
Of course this method isn't accurate
if your filing status has changed or if your income or deductions are significantly different in 2019.
If you're married, your spouse's income or loan debt will be considered
only if you file a joint tax return.
Tax rates for married couples are lower than
if filing single or filing separately.
You may also be able to claim a personal exemption for your
spouse if filing separately.
So if filing for bankruptcy was beyond your control, the seven to ten year exclusion period can be avoided.
The information you give your bankruptcy lawyer can help
determine if filing Chapter 7 or Chapter 13 bankruptcy is right for you.
When you start the tax prep process, you have the option to import your taxes from last year, even
if you filed with a competitor.
If I file married separately I would owe federal taxes around $ 6,000 and when filing married jointly federal taxes owed would be $ 400, how is this possible?
As well alternative mortgage lenders have more creative options
if your file does not fit under traditional bank.
Some auto insurers will use driving violations as factors to raise your rates, especially
if you filed claims too.
There's a lot of information being electronically filed that you would add in «statements» as attachments to your
return if you filed it on paper.
The creditors get more money than they'd
get if you filed bankruptcy, you feel better about yourself because you've repaid part of what you owe.
Once calculated, the amount a homeowner
pays if they file a claim is fixed for the length of that policy.
Negative information will typically fall off your credit report after seven years, 10
years if you filed bankruptcy.
Your answers can help you and your bankruptcy lawyer
decide if filing Chapter 7 or Chapter 13 bankruptcy is best for your circumstances.
Your spouse's income is included in calculating monthly payments even
if you file separate tax returns.
I think they only charge
if the file size is over a certain amount 1 MB I believe.
Clients should determine the benefits they would receive
if they file at age 62, at full retirement age, and after their full retirement age.
Plus, you could lose or be limited on deductions and credits you might
receive if you file a joint return.
You Won't Lose Your Home: A bankruptcy lawyer often hears people worry about losing their
home if they file for bankruptcy.
At this point, you may be able to avoid filing altogether, but also maintain all legal rights and benefits
if filing later becomes necessary.
If you file too early and your debts continue to accumulate because your crisis is ongoing, you may find yourself unable to pay debts that build up after bankruptcy.
You can not be turned down for a flood insurance policy even if you live in a high - risk area, nor will your rates
increase if you file a claim.
This assessment is theoretically what would
happen if you filed for bankruptcy and forms the starting point for determining an offer.
If you file multiple claims, the cost of your premiums could go up as much as 25 % or more and you never know what what the future holds.
In that case,
if you file early and receive reduced benefits, your spouse will be stuck with those reduced benefits for the remainder of his or her life.
But before you even reach this point, you should've already
asked if filing bankruptcy is the appropriate action to take.
You might also want to use a conversion company
if your file contains lots of tables, images, or fancy formatting.
In both cases, some participants are taxed at a higher rate than their financial circumstances would require
if they filed individually.
It is natural to
wonder if filing for bankruptcy will affect your credit and leave a black mark on your credit record.
Most clients ask if I can help them keep their house or
car if they file for bankruptcy protection.
Many people are worried that
if they file personal bankruptcy they will lose their RRSP and other pension savings.
They will then recommend you offer your creditors enough such that the total of your monthly payments is slightly more than your creditors would
expect if you file bankruptcy.