If we file a Chp 7 BK what happens when we go to file our taxes in 2004? Do you they take the taxes? Thanks
In general, filing BK will not affect your taxes at all. There are some exceptions...bankrupting a 401k loan, for example. The loan will be treated as a taxable distribution.
once you file, you should have your 941 meeting 4-6 weeks later and be discharged about 4 months from the filing date. If a creditor contests the BK, it could take longer. To make sure none do, be sure not to borrow anything 2 months before the BK or make any large (over $600) cash advances.
well no problem there, since you are so helpful I appreciate that I have another question, if you know? How long should we expect to be out of our home after a BK? Thank you
I'm assuming you're giving a home back in a BK? They can't do anything until the BK is discharged, unless they file a relief of stay and the judge buys it. Beyond that, it really depends on the creditor and how fast they move. I would be surprised if it were less than 4 months after filing. Could take a lot longer.
a great Q/A place for bankruptcy questions is www.chat-cards.com A good place to pose questions and get support.
