It depends on
the type of tax obligation (income, sales, use), when the taxes were filed and / or assessed, when the bankruptcy is filed, and whether there is a statutory lien.
Not exact matches
Discharge
types of debts singled out by the bankruptcy law for special treatment, such as child support and alimony (known as Domestic Support
Obligations), student loans (but tuition is dischargable), court restitution orders, criminal fines, and some
taxes.
It may invest in specific
types of municipal
obligations, including
tax - exempt zero - coupon securities, auction rate securities and floating - and variable - rate bonds.
The first
type is a general
obligation bond and it is backed by the full faith and credit
of the municipalities»
taxing authority.
However, a financial institution may deduct 80 percent
of its interest expense allocable to «qualified
tax - exempt
obligations,» which are a special
type of tax - exempt
obligation issued by qualified small issuers that reasonably anticipate issuing no more than $ 10 million in
tax - exempt
obligations during the calendar year.
Chapter 7 can eliminate many kinds
of debts, such as credit card debt, medical bills, and unsecured loans, however; there are many
types of debts, including child support and spousal support
obligations and most
tax debts, that can not be wiped out in bankruptcy.
a
type of municipal bond backed by the full faith, credit, and
taxing power
of the issuer, specifically its ability to collect
taxes; only entities that have the right to levy and collect
taxes can issue general
obligation bonds; certain governmental entities are subject to legal limits on the amount
of taxes that they can impose, and their issues are called limited -
tax general
obligation bonds; unlimited -
tax bonds are issued by government entities that are not subject to those limits
Not everyone will qualify to file Chapter 7 under the Bankruptcy Code's «means test» and certain
types of debt can not be discharged or wiped out (such as most federally guaranteed student loans, many
taxes and any outstanding family support
obligations).
Our professionals are experienced business lawyers who can help implement with commercial real estate, liens, or corporate structures that manage
tax obligations, whether as a corporation, partnership, family trust, testamentary trust, or any other
type of legal entity.
Our professionals are experienced real estate lawyers who can help with commercial real estate, liens, incorporations, trademarking or implementing corporate structures that manage
tax obligations, whether as a corporation, partnership, family trust, testamentary trust, or any other
type of legal entity.
Our professionals are experienced business lawyers who can help with employment contracts, commercial real estate, liens, incorporations, trademarking or implementing corporate structures that manage
tax obligations, whether as a corporation, partnership, family trust, testamentary trust, or any other
type of legal entity.