About Robert Vitt Expertise I am able to answer general questions regarding Chapter 7 and Chapter 13 bankruptcy cases. I have particular experience in personal (i.e., non-business) bankruptcies. I am unable to answer any questions pertaining to Chapter 11 bankruptcies.
Experience www.bankruptcy-ie.com
I am admitted to practice in the Central District of California and currently run my own law firm which specializes in bankruptcy.
Organizations San Bernardino County Bar Association, California State Bar
Education/Credentials Bachelor of Arts, Philosophy
Master of Business Administration
Juris Doctor
Master of Arts, Philosophy
Past/Present Clients I have had a variety of clients throughout my career. However, my immediate past clients have been predominantly individuals filing for debt discharge under Chapter 7.
Question QUESTION: We owe about $50,000 in back taxes in Federal (filed over 2 years ago May 2007). $20,000 in state taxes (on default filed at the same time as the Federal) we earn about 100,000 a year and have some student loans (not paid) a judgment of about $10,000 against us. Can bankrupt help people like us? How ugly is life during and after bankrupt? It is true that if a person go bankrupt and pay 12 payments under the bankrupt it is possible to buy a house later?
ANSWER: Roseline,
Bankruptcy can help you. Some Tax debts are NOT dischargeable in bankruptcy, neither are student loans.
Life is not "ugly" after bankruptcy or during bankruptcy. There are different kinds of bankruptcy, there are Chp 7 and Chp 13. They each take different lengths of time and they each have their quirks.
Most clients say that if they had known it was that easy, they would have done it years ago.
As for buying a house, you will be able to restore your credit over time and eventually to the point where you can buy a house. This is because a bankruptcy usually stays on your record for only 10 years.
I hope this helps. I suggest you consult with a Bankruptcy attorney, they usually provide a free consultation that will give you a good idea as to your particular position.
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QUESTION: Thank you for your answer. Can you provide me an example of tax debts that are not dischargable? How do I recognize a good Bankrupt attorney or firm?
Thank you
Answer Roseline:
Question 1) Can you provide me an example of tax debts that are not dischargeable?
Answer 1)
Your question is somewhat complex, and I do not claim that my answer to it makes my advice applicable to your situation.
The Bankruptcy Code does not specify taxes that are dischargeable. However, it specifies taxes that are excepted from discharge.
In simple language, unless secured, income taxes are not excepted from discharge, and consequently are dischargeable if:
A return has been filed;
If filed, assessment was not based on fraud;
If filed late, the return was filed two years or more before the bankruptcy petition;
The tax return, with extensions, was due three years or more before filing of the bankruptcy petition; and
Tax liability was assessed more than 240 days before filing of the petition.
(See Bankruptcy Code sections 507(a)(7)(A), 523(a)(1)(B) and 523 (a)(1)(C).)
Question 2) How do I recognize a good Bankruptcy attorney or firm?
There are several good ways to recognize a good Bankruptcy attorney. I am happy to give you some pointers (1) Ask if the attorney does a free consultation, this will allow you to see if you like the attorney and/or trust them. It is very important that you feel good about your choice in lawyers. (2) Ask the attorney if they specialize in Bankruptcy, or if they are a general practicioner. I would go with a specialist! (3) Ask for client references! (4) Find out how long they have been in practice (5) Ask who will be handling your case, a paralegal or will you contact them directly when you call the office (6) Ask them if they have handled a case like yours prior to this. (7) Contact your state's bar association and ask them for the names and numbers of reputable Bankruptcy attorneys.
