Macon Georgia Chapter 7 and 11 attorney
Chapter 11 Bankruptcy in Bibb County Georgia
When you are an individual debtor filing for bankruptcy under chapter 7 or 11 of the US Bankruptcy Code, a separate estate is established consisting of assets which belonged to you prior to the date of filing. The bankruptcy estate will be a new taxable entity, totally independent from you as an individual taxpayer.
If a married couple file a joint bankruptcy petition and their estates are jointly administered, their estates should be treated as separate entities for tax purposes. Two separate tax returns should be filed if they separately meet the filing criteria.
The estate, in the chapter 7 case, will be represented by a trustee. The trustee is appointed by the bankruptcy court to administer the estate and liquidate the nonexempt assets. Under chapter 11, a debtor remains in control of the assets as a debtor-in-possession. But, sometimes the bankruptcy court will appoint a trustee in a chapter 11 case. In these proceedings, the debtor-in-possession should turn over to the trustee control of the debtors assets and operations.
———————
Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA
http://www.macongabankruptcy.com
Comments on this entry are closed.