How long would I have to wait to file bankruptcy after filing your taxes?

Both common forms of personal bankruptcy available in the United States can be filed at any point during the year, regardless of one’s tax situation. Chapter 7, or liquidation bankruptcy, involves discharge of debts and possibly liquidation of some of the debtor’s possessions, apart from federal and state exemptions, to repay creditors as much as possible. Chapter 13, or wage earners bankruptcy, involves the creation of a repayment plan through the bankruptcy court, in conjunction with all creditors to fulfill all debts in a stipulated time period between three and five years.

Both of these methods require the same four things for a complete bankruptcy petition. They are a report of all assets and liabilities, of any current income and expenditures, of any executory contracts or unexpired leases, and a statement of the overall financial circumstances. This final statement must include transcripts of the most recent year’s tax return, along with any tax returns filed during the bankruptcy process. These requirements are permanent requirements of any bankruptcy filing, and are unaffected by any wait period after tax filing, though no such period is required.

Talk to a Bankruptcy Lawyer to find out if bankruptcy is the right option for you, and which type would be best for your situation.