Planning and Filing Colorado Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

Free - 2010 Bankruptcy Strategies Explained

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Colorado Bankruptcy Lawyers - Taxes

Tax dischargeability is, at best, confusing to many bankruptcy lawyers and a trap for almost all non-bankruptcy lawyers. Taxes are dischargeable, but only upon very specific terms,  that are subject to change and politicized case law interpretation.  11 U.S.C. 523. - Exceptions to discharge - provides (a) discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this title does not discharge an individual debtor from any debt - (1) for a tax or a customs duty - (A) of the kind and for the periods specified in section 507(a)(2) or 507(a)(8) of this title, whether or not a claim for such tax was filed or allowed; (B) with respect to which a return, if required - (i) was not filed; or (ii) was filed after the date on which such return was last due, under applicable law or under any extension, and after two years before the date of the filing of the petition; or (C) with respect to which the debtor made a fraudulent return or willfully attempted in any manner to evade or defeat such tax.

Colorado Bankruptcy Lawyers - In Practice

Presently, only taxes which were declared, due, and payable more than two before filing are dischargeable. Any deviation from full disclosure will prevent discharge. In practice, expect liens to attach before the expiration of two years. Tax liens will be enforced against specific property regardless of filing. Bankruptcy lawyers recently recoiled after Antonin Scalia, for the U.S. Supreme court, opinioned that "equitable tolling" prevents the two-year period from running unless specifically commenced by indisputable  statutory language. Obviously, any statutory language can be disputed by even a modestly talented bankruptcy lawyer.

For maximum benefit, most debtors interview several bankruptcy lawyers before committing to any course of action. Interviewing bankruptcy lawyers requires a degree of expertise. Federal laws, state laws, and local rules combine to form the practice standard used by Colorado bankruptcy lawyers and courts. These laws evolve continually with new statutory amendments and case decisions. The most successful debtors compare the opinions of several bankruptcy lawyers, and with targeted questions, discover the most beneficial path to pursue.

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