(704) 493-6851​
MONROE NC LAWYER
  • Home
  • Firm Info
    • Contact Us >
      • Directions to Monroe office
    • Attorney Profiles >
      • Jason D. Witt
    • Fee Schedule
  • Family Law
    • Child Custody
    • Child Support
    • Divorce
    • Property Division
    • Alimony and Post-Separation Support
    • Separation Agreements
    • Domestic Violence Protective Order
  • Criminal Law
    • Traffic/DWI >
      • Traffic Tickets
      • Suspended or Revoked License
      • Driving While Impaired
    • Misdemeanors
    • Felonies
    • Expungements
  • Other Areas
    • Bankruptcy Law >
      • Personal Bankruptcy
      • Chapter 7 vs. 13
      • Bankruptcy Myths
      • NC Bankruptcy Exemptions
      • Bankruptcy Means Test
      • Bankruptcy Disclaimer
    • Debt Settlement
    • Foreclosure Defense
  • Blog
  • Home
  • Firm Info
    • Contact Us >
      • Directions to Monroe office
    • Attorney Profiles >
      • Jason D. Witt
    • Fee Schedule
  • Family Law
    • Child Custody
    • Child Support
    • Divorce
    • Property Division
    • Alimony and Post-Separation Support
    • Separation Agreements
    • Domestic Violence Protective Order
  • Criminal Law
    • Traffic/DWI >
      • Traffic Tickets
      • Suspended or Revoked License
      • Driving While Impaired
    • Misdemeanors
    • Felonies
    • Expungements
  • Other Areas
    • Bankruptcy Law >
      • Personal Bankruptcy
      • Chapter 7 vs. 13
      • Bankruptcy Myths
      • NC Bankruptcy Exemptions
      • Bankruptcy Means Test
      • Bankruptcy Disclaimer
    • Debt Settlement
    • Foreclosure Defense
  • Blog

Are late filed taxes dischargeable in bankruptcy?

4/3/2016

0 Comments

 
Updated 5/9/2017
Late filed tax return
The answer is it depends where you live. The First, Fifth, Tenth Circuits have all adopted the  “one-day-late” rule, and now the Eleventh Circuit in Justice v. U.S. (In re Justice), 15-10273 (11th Cir. March 30, 2016) just reached the same result under an alternate theory. The end result is that if a tax return is filed even one day late, the underlying tax debt can never be discharged. This is a departure from the old rule that late filed tax returns are dischargeable if they were otherwise dischargeable and the returns had been filed at least two years prior. For those in North Carolina, which is in the Fourth Circuit the “old rule” still applies, but for how long?

Read More
0 Comments

Converting from Chapter 13 to Chapter 7 Bankruptcy

7/7/2014

0 Comments

 
Bankruptcy conversion

Why bankruptcy conversion?

  • You can no longer afford your monthly bankruptcy payments.
  • You no longer want to keep a house or car being paid through the plan.
  • You want to get out of bankruptcy. 
  • You were approved for a loan modification on your house eliminating the need to stay in Chapter 13.​
  • You filed jointly with your spouse and are now separated. (Bifurcation or dividing your cases may be another option)
  • The Court is about to dismiss your case anyway.

Read More
0 Comments

Bankruptcy filing fees going up

5/13/2014

0 Comments

 
Picture
New bankruptcy filing fees effective June 1, 2014:

New Case filing fees: Old Fee --> New Fee
Chapter 7: $306.00 to $335.00
Chapter 9: $1,213.00 to $1,717.00
Chapter 11: $1,213.00 to $1,717.00
Chapter 12: $246.00 to $275.00
Chapter 13: $281.00 to $310.00
Chapter 15: $1,213.00 to $1,717.00

Read More
0 Comments

Will I lose my retirement in bankruptcy?

3/2/2014

0 Comments

 
401K in bankruptcy
​If you are looking to file bankruptcy and have a 401K, IRA, pension, or retirement plan you should be careful to make sure that asset is exempt before you file. Many retirement vehicles fall under the Employment Retirement Income Security Act of 1974 “ERISA” and are 100% exempt from creditors. That being said, never assume your retirement is exempt as the bankruptcy trustee will always require written proof. Usually this information can be found in your plan booklet which is a ~30 page document you must request from your plan administrator.
If your plan is an ERISA qualified plan it is technically not part of the bankruptcy estate under Section 541 of the bankruptcy code and, therefore, not subject to creditor claims as held in Patterson v. Shumate, 504 U.S. 753 (1992). Nevertheless, any asset should be disclosed and "exempted" on your bankruptcy petition. If your 401K, 403(b), annuity, profit sharing plan, pension, Roth IRA, IRA, or other defined benefit plan is not ERISA it may be still be exempt. Under North Carolina exemptions IRA’s are generally exempt up to one (1) million dollars.

Read More
0 Comments

Bankruptcy Domestic Support Obligations

2/13/2014

0 Comments

 
Bankruptcy domestic support obligation
When the bankruptcy code was overhauled in 2005 a new classification was created- the Domestic Support Obligation or “DSO”. Domestic Support Obligations include, but are not limited to child support, post-separation support, alimony, and even certain attorney fees. Prior to 2005 Child Support was never dischargeable in bankruptcy and that has not changed; however the rules on spousal support certainly have. 
​
​DSO’s are non-dischargeable in Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Property Distribution or Equitable Distribution debt is not classified as a DSO and often can be discharged in Chapter 13, but not Chapter 7.

Read More
0 Comments
<<Previous
    Blog graphic
    Jason D. Witt
    I was born in Charlotte, NC and have been a practicing attorney for over 15 years in Union and Mecklenburg County.

    Categories

    All
    Bankruptcy
    Criminal Law
    Debt
    Family Law

    RSS Feed

Monroe Office:
​110 E Jefferson St.
Monroe, NC 28112

(704) 493-6851​

​​​​Privacy Policy | Legal Disclaimer
Copyright © 2022, Witt Law Firm, P.A.
Contact us