Do I Have to File Income Taxes While I am in Chapter 7?

A debtor is under the federal income tax guidelines whether or not he or she is in a Chapter 7.  Some individuals who have made under a certain amount in taxable income are not mandated to file federal income taxes.  However, those individuals that make over that amount are required to file taxes, whether or not they are a bankruptcy petitioner.

There are many nuances to the bankruptcy petition process, as well as myths, that could confuse a debtor regarding his/her responsibilities.  Experienced counsel is necessary to guide debtors through the bankruptcy process.  If you are considering Chapter 7 and are concerned about your income tax filing, contact the Fears | Nachawati Law Firm today.