Keyword Analysis & Research: file for bankruptcy chapter 7

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Frequently Asked Questions

Do I qualify for Chapter 7 bankruptcy?

You can earn significant monthly income and still qualify for Chapter 7 bankruptcy if you have qualifying expenses, such as a high mortgage and car loan payments (although they must be reasonable), taxes, and other expenses. Here are some types of expenses that can be deducted: taxes secured debt such as mortgages and car payments

Is Chapter 7 bankruptcy taxable?

When an individual debtor files for bankruptcy under chapter 7 or 11 of the Bankruptcy Code, the bankruptcy estate is treated as a new taxable entity, separate from the individual taxpayer. The bankruptcy estate in a chapter 7 case is represented by a trustee. The trustee is appointed to administer the estate and liquidate any nonexempt assets.

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