File Bankruptcy Yourself or Seek Professional Help – Paul Gaulkin CPA

bankruptcy helpFiling bankruptcy yourself can be very challenging because of the amount of paperwork and detail needed to carry out the needed procedures. In most cases, you would be better of seeking professional help to assist in the process of filing for bankruptcy. Below we will discuss the various ways a professional can help file bankruptcy in the best way possible.

Debtor Bankruptcy Assistance

A variety of services can be provided to the debtor, both before and after the bankruptcy petition has been filed. Pre filing assistance can include:

1. Preparation of delinquent tax returns for both the state and IRS

2. Analysis of which type of bankruptcy would be suit the needs of an individual or business

3. Analysis of taxes due in order to determine priority for paying the taxes and whether any personal liability exists

4. Analysis of assets to determine if any assets should be abandoned and which assets will be exempt in bankruptcy

5. The impact that filing bankruptcy will have on any joint ownership situations

6. Preparation of the bankruptcy schedules and the required financial statements needed

During the bankruptcy, a professional can help with:

1. Formulate a plan of reorganization

2. Provide tax advice on issues arising from bankruptcy and after bankruptcy

3. Prepare the monthly court accounting reports required to be issued by the individual or business

4. Prepare any tax returns that may be due

5. Review all creditors claims for accuracy

Having a professional help with the bankruptcy can benefit the debtor in so many ways that it does not seem logic to try and do it yourself.

Creditor Bankruptcy Assistance

The bankruptcy professional can also help carry out services on behalf of the creditors, these services include:

1. Reviewing the debtors schedules for accuracy and to make sure all assets have been included

2. Monitoring the debtor’s activity during bankruptcy

3. Evaluate the debtors proposed reorganization

4. Provide an alternative reorganization plan

5. Conducting special investigations for the creditors

6. Provide tax advice on proposed transactions

As you can see, a bankruptcy professional (tax attorney, CPA or Enrolled Agent) will come in handy if you decide to file for bankruptcy. There is a lot of paperwork that is involved and would not be advised for someone to try and tackle is alone.

About Paul Gaulkin CPA

Paul Gaulkin is a Certified Public Accountant and enrolled with the U.S. Treasury to practice before the IRS. Mr. Gaulkin possesses unique technical knowledge in the process of securing relief for taxpayers nationwide with IRS and State tax problems. With an accounting degree from Florida International University, he is able to transform complex tax and accounting problems into easy to understand solutions.

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