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Bankruptcy
Date of Filing: The Most important date in a Bankruptcy is the Date of Filing. All other time periods are generally calculated from this day. Filing is the day the documents are actually received by the Court. Our court is located in Eugene and filing is done by mail. Your pay day may indicate when is a good time for you to file.
90 Days Prior to Filing: There is a presumption that a debtor is insolvent 90 days prior to filing. Purchases, credit card use and cash advances during this period can be reviewed by the creditor. If there are such for non household necessities, they can be objected to. Those may not be discharged.
One Year Prior to Filing: Certain transactions with "insiders" taking place within one year of filing can also be subject to review. If found inappropriate they can be set aside by the Trustee. Family members are considered "insiders" for Bankruptcy law. Transfers and loans among family are often a concern in individual bankruptcies.
Three Years Plus: For income taxes to be dischargeable at least three years from the date due or date of filing must have passed. Thus 1999 taxes would not be eligible until April 15, 2003. As always with taxes there are more exceptions than rules. The IRS works hard to get paid.
Six Years Prior to Filing: If you have been operating a business or a corporation, you may need to provide financial information for the previous six years.
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