Bankruptcy Tax Issues

Description

The Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to minimize abuse of the bankruptcy system. Included in this Act were tax law changes and other changes that individuals, partnerships, and corporations will see in the bankruptcy procedures and qualifications. This mini-course examines these changes that debtors face when filing for federal bankruptcy and explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors.

Highlights

• Tax law changes • Bankruptcy types • Automatic stay • Preferences • Priorities • Debt discharge • Individual bankruptcy estate • Individual debtor • Corporate bankruptcy • Homesteading & garnishment

Objectives

• Identify changes made by the 2005 Bankruptcy Act, the common types of bankruptcy, and filing qualifications. • Determine the impact of an automatic stay, the treatment of preferential transfers, the priority of claims, and the discharge of debts. • Recognize the creation and taxation of an individual bankruptcy estate specifying partnership & corporate bankruptcy differences. • Identify the scope of and special rules for homesteading and garnishment.