Madison County GA Estate tax lawyer

Madison County GA Estate tax lawyer

Bankruptcy in Athens Georgia

The estate may produce its own income as well as incur its own expenses. The establishment of a separate bankruptcy estate also provides the debtor a fresh start with few exceptions, wages you earn and property you obtain following the bankruptcy case has begun belong to you and does not become a part of the bankruptcy estate.

If the bankruptcy proceeding started but was subsequently thrown out by the bankruptcy court, the estate is not considered an independent entity, and you will be treated like the bankruptcy petition had never been filed in the first place. You must submit amended returns on Form 1040X to replace any returns you previously filed. You must include on any amended returns items of income, deductions, or credits that were or may have been reported by the bankruptcy estate on its returns and are not reported on returns you previously filed. But, you will not be able to deduct administrative expenses the former estate could have claimed. Besides, the bankruptcy exclusion must not be used to exclude debt that was canceled when you were under the bankruptcy courts protection. However the other exclusions like insolvency may apply.

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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy