For Chapter 7 bankruptcy filings, you must wait eight years from the filing date of your previous petition. Filing prematurely before those eight years have expired, you will not be granted a discharge. The eight years start counting from the date the prior Chapter 7 bankruptcy was filed.
How long can the IRS collect back taxes?
ten years
As a general rule, there is a ten year statute of limitations on IRS collections. This means that the IRS can attempt to collect your unpaid taxes for up to ten years from the date they were assessed. Subject to some important exceptions, once the ten years are up, the IRS has to stop its collection efforts.
Where does your tax refund go in Chapter 7?
Tax refunds go to the estate. It’s treated like cash or money in a bank account. (See Can I Keep Cash in Chapter 7 ?) A tax refund based on the income you earned before you file for bankruptcy goes to the estate (but not any part of the refund that’s based on income earned after the filing date.
When do I need to lodge my 2007 tax return?
Lodge online. e-tax – your online alternative for preparing and lodging your tax return Go to Most refunds are issued within 14 days. You may also need the separate publication TaxPack 2007 supplement – see page 8. Lodge your tax return by 31 October 2007. NAT 0976–6
What happens if you file for Chapter 7 bankruptcy?
If you plan to file for Chapter 7 in the next year, you can also avoid receiving a refund at all by adjusting your tax witholding so that you only pay the tax you owe. By doing this, you’ll receive more money each month and you can avoid getting a tax refund.
What does it mean to use TaxPack 2007?
TaxPack 2007 is a public ruling for individuals who use it reasonably and in good faith to complete their 2007 personal tax return. This means that if we state the law incorrectly and as a result you do not pay enough tax, we will not ask you to pay the extra tax.
