Oconee County GA Chapter 11 Bankruptcy Assets attorneys

Oconee County GA Chapter 11 Bankruptcy Assets attorneys

Chapter 11 Bankruptcy Assets in Athens-Clarke County Georgia

Bankruptcy rules determine which of your assets form part of the bankruptcy estate. These assets are treated the same in the estates hands as they were in the your hands.

The gross income of the bankruptcy estate includes all of the debtors gross income to which the estate is entitled under the bankruptcy law. The estates gross income also comprises of all income the estate is entitled to and receives or accrues subsequent to the beginning of the bankruptcy proceeding. Gross income of the bankruptcy estate does not include amounts received or accrued by the debtor before the bankruptcy petition date.

The bankruptcy estate calculates its taxable income the same way as an individual determines his or her taxable income. The estate may elect one personal exemption and either individual itemized deductions or the basic standard deduction for a married individual filing a separate return. The estate is not allowed take the higher standard deduction allowed for married persons filing separately who are 65 or older or blind. The estate uses the rates for a married person filing separately to determine the tax on its taxable income.

———————
Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy