Which Type Of Taxes Are Prepetition Eighth Priority Taxes?

If the following types of federal taxes are unsecured, they will be treated as prepetition eighth priority taxes as per the tax bankruptcy code.

•If you have not paid income taxes for the past few years, all the returns that are due until the year ending on or before the date of filing the bankruptcy petition will be treated as prepetition eighth priority taxes.
•If you are liable for any type of withholding taxes, such taxes will also be considered as prepetition eighth priority taxes.
•Income taxes assessed within 240 days before the date of filing the petition are also considered as prepetition eighth priority taxes.
Payment Of Eighth Priority Prepetition Taxes
•Under chapter 7 tax bankruptcy code, if there are assets remaining even after paying off the debts of secured creditors and other creditors with high priority status, the liquidation of the remaining assets can then be used to pay off the eighth priority prepetition taxes.
•Under chapter 11 tax bankruptcy code, the bankruptcy court can provide the debtor a maximum period of six months to pay off the eighth priority prepetition taxes including all the interests. The duration of six months starts from the day of judgment.
•Under chapter 12 tax bankruptcy code, the bankruptcy court allows the debtor to pay the eighth priority prepetition taxes in deferred cash payments over time.
•Under chapter 13 tax bankruptcy code, the bankruptcy court allows the debtor to pay the eighth priority prepetition taxes over three to five years.

Priority Status Of Various Types Of Taxes

Depending upon the type of the taxes, they are assigned a priority status. The taxes with higher priority have to be paid first. For example, those taxes that incurred during administration by the bankruptcy estate get higher priority status and the debtor is supposed to pay them first. As per the tax bankruptcy code, these taxes are also known as administrative expenses.

You should also note that as per the various tax bankruptcy laws, there are several conditions in which the debtor gets relief from various types of penalties.

Things To Consider

Create a list of attorneys you wish to see. Fix up appointments with them and make sure you get to speak to them directly and not with their secretaries. Check the consultation fees before you approach them. Some attorneys have an initial charge while some of them approach on a friendlier note and are willing to give you their time.

In order to understand their credibility you can prepare a set of questions that you need to pose to them on your first meeting. A good attorney will welcome you and answer all your questions. He will understand your mental state and will know what is at stake. You can check with him/her on

•years of practice
•success rate with cases
•fees
•references from past clients
Divorce attorney is available in large numbers online. The online divorce attorney will usually have a website and a few articles published in different websites. Reviews and recommendations about an attorney will make it easier for you to narrow down your search. Try to find an attorney who is willing to have some time for you rather than an attorney of very high repute who is very busy and difficult to approach in the hour of need.

The best divorce attorney is the one who will try to settle your case out of court. If he deliberately wants to take the case to court he may not have your best interests in mind. If you have children he should help you get the custodial rights for your children. The attorney should do all possible within his power to get you out of your unhappy situation. Counseling may also be recommended to help you save your marriage. A divorce is considered only when the couple have run out of all options in trying to make the marriage work.

Divorce is a very painful process in any person’s life. The attorney can be the God sent angel to deliver the peace of mind that you deserve and relieve you of the stress in your life. Never lie or hide anything from your attorney as this might cost your case dearly and severe the relationship with your divorce attorney as well.