(630) 378-2200
Mon - Fri 8:00am - 5:00pm
Request a Case Evaluation

round-up courtesy of King Bankruptcy Media

King Bankruptcy Media

Courtesy of King Bankruptcy Media

2007 filings are … up?

The number of consumer filings in Q1 07 was 187,361 – a 66% increase over the same period last year and a 9% increase since Q4 06. By contrast, the # of consumer filings for all of 2006 was only 112,685. Source: Administrative Office of the Courts. Samuel L. Geraldo Director of the American Bankruptcy Institute, attributes the rise to a generally high debt burden among American consumers.

Study on Repeat and Serial Filers

Get the ABI Study on Repeat and Serial Filers here

Failure to File Tax Returns = Dismissal

In re McCluney, 06-21175 (Bkrtcy.D.Kan. 2007) §§1307, 1308

Under the scheme established by the BAPCPA a debtor must file state and federal tax returns for the 4 years preceding date of filing with the case trustee. Under §1308 those returns must be tendered not later than the day before the 341 meeting, with failure resulting in dismissal or conversion per §1307(e); or non-confirmation per §1325(a)(9). On motion of the IRS a Kansas bankruptcy court dismissed a chapter 13 case when a debtor failed to file returns for 1 of the required 4 years until several weeks after the 341 meeting. The court called the infraction in this case “minor” was careful to point out that once grounds for invoking §1308 have been established “the court has no discretion on whether to act; Congress has directed that it shall dismiss or convert.”

Getting IRS Transcripts from the Source

Call 1-800-829-1040

Press 3 for “other automated services”

Enter Debtor’s SSN and press 1 to confirm

Press 1 then 3 then enter # in debtor’s street address

Press 2 then enter the year of the desired return

Press 1 if correct and 3 to end

To request a federal tax transcript by mail use IRS Form 4506T.

Leave a Reply

Let us help you!

If you need any helps, please feel free to contact us. We will get back to you with 1 business day. Or if in hurry, just call us now.

Call : 630.378.2200

Request a Case Evaluation