Florida Debtor(s) Election To Use A Portion of Tax Refund Pursuant To Confirmed Plan Terms is a process where a debtor in Florida can elect to apply a portion of their tax refund to their Chapter 13 bankruptcy plan. This election is made pursuant to the terms of a previously confirmed Chapter 13 Plan and must be approved by the Bankruptcy Court. There are two types of Florida Debtor(s) Election To Use A Portion of Tax Refund Pursuant To Confirmed Plan Terms: (1) Direct Transfer to Chapter 13 Trustee, where the debtor elects to transfer their tax refund directly to the Chapter 13 Trustee and (2) Debtor’s Use, where the debtor elects to use the tax refund for their own benefit. In either case, the Bankruptcy Court must approve the election before the debtor can use the tax refund.
Florida Debtor(s) Election To Use A Portion of Tax Refund Pursuant To Confirmed Plan Terms
Description
How to fill out Florida Debtor(s) Election To Use A Portion Of Tax Refund Pursuant To Confirmed Plan Terms?
If you’re looking for a way to appropriately complete the Florida Debtor(s) Election To Use A Portion of Tax Refund Pursuant To Confirmed Plan Terms without hiring a legal representative, then you’re just in the right spot. US Legal Forms has proven itself as the most extensive and reputable library of formal templates for every personal and business situation. Every piece of paperwork you find on our web service is drafted in accordance with nationwide and state regulations, so you can be certain that your documents are in order.
Follow these straightforward guidelines on how to acquire the ready-to-use Florida Debtor(s) Election To Use A Portion of Tax Refund Pursuant To Confirmed Plan Terms:
- Ensure the document you see on the page meets your legal situation and state regulations by examining its text description or looking through the Preview mode.
- Enter the document name in the Search tab on the top of the page and choose your state from the list to find another template if there are any inconsistencies.
- Repeat with the content check and click Buy now when you are confident with the paperwork compliance with all the demands.
- ​Log in to your account and click Download. Sign up for the service and opt for the subscription plan if you still don’t have one.
- Use your credit card or the PayPal option to purchase your US Legal Forms subscription. The document will be available to download right after.
- Choose in what format you want to save your Florida Debtor(s) Election To Use A Portion of Tax Refund Pursuant To Confirmed Plan Terms and download it by clicking the appropriate button.
- Import your template to an online editor to complete and sign it rapidly or print it out to prepare your hard copy manually.
Another great thing about US Legal Forms is that you never lose the paperwork you purchased - you can pick any of your downloaded templates in the My Forms tab of your profile any time you need it.
Form popularity
FAQ
Does a Chapter 11 bankruptcy erase a business's debts? Not exactly. Creditors often have to accept less under a court-approved reorganization plan. But the idea is for the business to keep earning money so it can pay back as much as possible.
Who Must File? All corporations (including tax-exempt organizations) doing business, earning income, or existing in Florida. Every bank and savings association doing business, earning income, or existing in Florida. All associations or artificial entities doing business, earning income, or existing in Florida.
Once you have paid off all of your chapter 13 bankruptcy debts, you will go to the bankruptcy court for one last hearing ? your discharge hearing. You have the option of directing your attorney to attend the hearing in your place. The bankruptcy judge will review all of your case details.
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.
Since a chapter 12 or chapter 13 plan may provide for payments to be made over three to five years, the discharge typically occurs about four years after the date of filing.
When you electronically file and pay on time, you may take a collection allowance. Be sure to calculate it correctly. The collection allowance is 2.5% (.025) of the first $1,200 of tax due, not to exceed $30 for each reporting location.
If you pay your Chapter 13 plan off early, you alter the agreed upon terms of your bankruptcy case. Now, you'll be responsible for paying your creditors all of your original outstanding debt, including the amount that would've been discharged.
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.