Do Your Own Taxes - Fee from Refund
Bankruptcy
Claiming Social Security Disability


Death & Taxes

We have Information to Help You with Either


Got Question for a CPA Mom?


IRS wants you to retire Financially Free!     We will answer your questions and give you options about how to become Financially Free when you retire

Tax answers/options when you sell your Home.      We will answer your questions about the tax free home sales and give you options on tax free exchanges

So, You got a letter from IRS?  We can help.    Letters from IRS are scary. We will answer your questions at no charge.

S-Corp, LLC, C-Corp, Partnership - Your Choice?    Selecting the correct Business Entity is confusing.  We will give you the tax options of each Business Entity.

How not to pay taxes when you sell income property.    We will explain how to do a tax free exchange & not pay taxes when you sell your income property.

To pay for Services - Please click on Paypal Logo below

FREE 2008 CPA Moms Tax Review Details
Divorce & Taxes
Offer in Compromise
Installment Payment for Taxes
Credit Reports
Social Security
Do Your Own Taxes - Fee from Refund
Deliquent Tax Returns
Garnishment
Retirement Planning
FREE 2008 Tax Return Review Details
CPA Moms Master Index
Alimony Deductions
Moving Deductions
Contribution Deductions
Job Hunting Deduction
Education Deductions
Adoption Deductions
Medical Deductions
Mileage Deductions
Car Donation Deductions
Bad Debt Right Off
Hybrid Cars Deductions
Educator Deductions

 


The Different Types Of Bankruptcy
Ken Austin

The laws regarding bankruptcy have changed recently, but there are still options available to you if your debt has grown out of control and you have found yourself unable to repay them. Bankruptcy laws give debtors a way to divide their assets among creditors and completely eliminate some debts after the assets have been distributed.


Due to the recent changes, you may have to undergo credit counseling prior to filing bankruptcy, but as a debtor you are entitled to file bankruptcy as a way to reorganize or eliminate your debts.


People wanting to completely eliminate all outstanding debts generally use Chapter 7 bankruptcies. Business can also file Chapter 7 if they plan to liquidate all assets and close permanently. Under a Chapter 7 bankruptcy, an individual may keep certain property such as a home, automobile, tools of trade, and various other properties.


Some property however, may be lost during the bankruptcy proceedings. A trustee will control the debtor's assets during the bankruptcy process and those assets will be divided among creditors as the trustee sees fit. Upon discharge of the bankruptcy, the control of any remaining property is returned to the debtor and all outstanding debts that have not been reaffirmed will be gone.


Chapter 13 bankruptcy is for those who wish to pay all their outstanding debts but have found themselves unable to do so. Chapter 13 allows individuals to reorganize debts and structure payments differently so that the debtor can afford to make payments over time.


In the case of a business wanting to reorganize, Chapter 11 bankruptcy is the appropriate choice. Filing bankruptcy is a way out of debt for many people and businesses. Consult with a professional to make sure that bankruptcy would be the best choice for you before you make any final decisions.





Ken Austin is the webmaster at http://bankruptcy.creditreliefonline.com/ . To learn more about different types of bankruptcy and bankruptcy options, please visit the bankruptcy resource guide

 


 

 

Main Menu

Recorvery Rebate Credit
Mileage Deductions
Car Donation Deductions
Bad Debt Right Off
Hybrid Cars Deductions
Tax Cash Today at Western Union
CPA Moms - Services Offered
Tax Preparation
Electronic Filing
FREE IRS Forms
Enrolled Agents
Tax Moms
Recovery Rebate Credit
CPA Moms
Representation before IRS
Non Profit Tax Services
Accounting
Bookkeeping
CPA Loan Letter
$7500 Downpayment for your Home
Offers-in-Compromise Home Page
Latest Offers-in-Compromise
Offers-in-Compromise Articles
Additional Resources
Want to Joins theTax Moms?
Questions for CPA Moms?

About Us  ......  Disclaimer ..........           Copywrited 2005  - 2006 & Developed by  Tax Net Inc