Oconee County Georgia Debt discharge and bankruptcy lawyers

Oconee County Georgia Debt discharge and bankruptcy lawyers

Bankruptcy estate in Athens Georgia

Bankruptcy rules determines which of your assets become part of the bankruptcy estate. Generally, all of your legal and equitable interests become part of the estate. But, you may exempt certain property from the estate.

A transfer other than by sale or exchange of an asset from you to the bankruptcy estate is not considered a disposition for income tax purposes. This means that the transfer will not result in gain or loss, recapture of deductions or credits, or acceleration of income or deductions. For instance, the transfer of an installment obligation to the estate would not accelerate gain under the rules for reporting installment sales.

When you receive any assets from the bankruptcy estate when it terminates, you must not consider the transfer as a taxable disposition. You must consider these assets the same as the bankruptcy estate would have considered them. This means using the same basis, holding period, and character of the assets as the bankruptcy estate did before its finalization.

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