How to Elect to End a Tax Year During a Bankruptcy?

Answer If you've filed for Chapter 7 or 11 bankruptcy you have the option to end your tax year early. Here's how to do it.

Top Q&A For: How to Elect to End a Tax Year During a Bankruptcy

Can they take my tax refund every year after i file bankruptcy?

Exemption laws are in place to safeguard income tax refund checks. However, this really depends on the state in which you filed and the situation in which you filed bankruptcy.Source:Oklahoma-bankr... Read More »

How many people file bankruptcy each year?

According to a press release from the U.S. Federal Courts, there were 1,202,503 bankruptcy filings during the 12 months ending March 31, 2009, including 1,153,412 personal bankruptcies and 49,091 b... Read More »

Can they take my tax return every year after I file bankruptcy?

For a Chapter 7 bankruptcy, a tax return is only subject to seizure by the trustee during the bankruptcy proceedings. Once the case has been discharged the court cannot take your tax return in foll... Read More »

What does it mean to s-corp elect?

According to the Internal Revenue Service, corporations that elect to pass their income, credit, losses and deductions on to their shareholders are said to S-corp elect. This requires their shareho... Read More »