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Tax Returns Due after Filing for Bankruptcy – Paul Gaulkin CPA

Writing on Chapter 13 Bankruptcy

Generally, a debtor must file their tax returns that are due after the bankruptcy petition has been filed. If this is not completed within 90 days from the petition date, the taxing authority can request the court to dismiss the bankruptcy case. In the case of a Chapter 7 bankruptcy, they can have the court convert it to a Chapter 13. If the taxpayer is unable to file their tax returns within this 90 day window, they should request an … Read more

File Bankruptcy Yourself or Seek Professional Help – Paul Gaulkin CPA

bankruptcy help

Filing 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 … Read more

Pre Bankruptcy Planning – Paul Gaulkin CPA

concept of bankruptcy

The first step in any pre bankruptcy planning phase is to have someone to a realistic assessment of why the business is not doing well. This is extremely important because the owners of the business have trouble seeing their business objectively and without emotions. Being able to see a business objectively will give you the ability to make the tough decisions that are hard to make. Pinpointing Problems It is important to pinpoint where the problems in the business are … Read more

IRS Benefits & Detriments under Chapter 7 Bankruptcy – Paul Gaukin CPA

chapter 7

You have may have wondered what the advantages and disadvantages are in regard to filing for Chapter 7 bankruptcy and how it affects collection from the IRS. Below is a list of both the benefits and the detriments that are involved after filing for Chapter 7 bankruptcy. IRS Benefits under Chapter 7 Bankruptcy 1. After filing for Chapter 7 bankruptcy there will be an automatic stay on all collection activities which stops the IRS from pursing any type of collection … Read more

IRS Collection Efforts after Discharge in Bankruptcy – Paul Gaukin CPA


If a taxpayers debt is discharged in bankruptcy the IRS can no longer attempt to collect the tax from the debtor. There are exceptions to this rule that anyone seeking protection from the IRS in bankruptcy should be aware of. Prepetition Tax Lien Although the IRS is unable to pursue the taxpayer for future income or assets once they have been discharged in bankruptcy, the IRS can still pursue the taxpayer if they had filed a tax lien against them … Read more