Helping With Your Financial Future

Escondido Tax Considerations Attorney

There are several things that one must consider prior to filing bankruptcy. It is important to seek advice from an experienced bankruptcy lawyer who can fully explain what a bankruptcy entails and look out for your best interests. At our California law firm, we will provide highly individualized legal services that you can fully benefit from. At The Law Office of Judith A. Descalso, we represent clients throughout Escondido and San Diego in consumer bankruptcy matters. We assist with all aspects of a bankruptcy, including tax considerations, assets and exemptions and bankruptcy alternatives. We take time to explain the differences between dischargeable and nondischargeable debts, what assets you can keep and the benefits of bankruptcy. You can count on our reputation for quality legal services.

Tax Considerations In A Bankruptcy

It is important to know that there are tax considerations in a bankruptcy. This can include possible income tax ramifications and the dischargeability of certain taxes. If you are considering filing for bankruptcy, it is critical you become informed about all types of tax considerations from your accountant or another qualified tax expert. If needed, we can refer you to such experts who can provide tax advice that is appropriate to your situation.

If you decide that bankruptcy is right for you, we will thoroughly examine the nature of the debts, determine whether they are dischargeable or nondischargeable, and advise whether a Chapter 7 bankruptcy or a reorganization through Chapter 11 bankruptcy is in your best interests.

Small Business Bankruptcy

If you are a small business owner and have questions about assets, exemptions and the operation of your business after bankruptcy, our bankruptcy attorney can assist you. We will evaluate your situation and determine whether an individual Chapter 7 bankruptcy or a Chapter 11 reorganization best fits your particular situation. In a Chapter 7, the individual owner gets the discharge and the business can likely continue in operation. Depending on the nature of the business, a Chapter 11 or reorganization may be best (LLCs, PLLCs and more). We will provide guidance with regard to retention of business assets, accounts receivable and more.