2014 - Law Offices of Adam M. Weiner | Premier Bankruptcy Attorney

Discharging Income Taxes through Chapter 7 Bankruptcy

Income tax debts CAN be “discharged” (permanently written off) if they meet certain conditions. These conditions may be quite easy to meet. To write off income taxes under either Chapter 7 or Chapter 13 takes meeting four conditions. Two of these conditions are very seldom a problem. That means that most likely you can discharge a tax debt if you meet the other two conditions. And you will likely meet these other two conditions sooner or later. It’s mostly a matter of time.

Benefits of the New Federal Exemptions

By Adam Weiner – Bankruptcy Lawer|2020-12-22T20:06:50-08:00February 3rd, 2014|Adam Weiner Bankruptcy Attorney Portland, Adam Weiner Bankruptcy Lawyer, Assets|

As previously discussed, Oregon law now allows residents to choose between using the Oregon exemptions or the federal exemptions when filing a bankruptcy. In most situations, the federal exemptions are significantly better than the Oregon exemptions. Only if a debtor owns a house with significant equity will the Oregon exemptions be better for the debtor than the federal exemptions. If you had to pick the single federal exemption that will help the most people, it’s likely the wildcard exemption. That’s especially true for people who either don’t own their own home or don’t have any equity in their home.