Friday, February 7, 2014

Getting Your Tax Transcript Just Got Easier

My friend over at Chester County bankruptcy lawyer, wrote a post about tax transcripts that, in a tremendously geeky way, makes me happy.  As stated on the blog E Pluribus Unum,
Earlier today, at the White House Education Datapalooza, an official from the United States Department of the Treasury informed a packed theater and livestream that students, parents and citizens would finally be able to do something simple and profoundly useful over the Internet:download a transcript of their tax return from the Internal Revenue Service
“I am very excited to announce that the IRS has just launched, this week, a transcript application which will give taxpayers the ability to view, print, and download tax transcripts,” said Katherine Sydor, a policy advisor in the Office of Consumer Policy of the Treasury, “making it easier for student borrowers to access tax records he or she might need to submit loan applications or grant applications.”

This is actually a really nice feature.  Albeit, while we have Amazon talking about drone delivery in 2014 and the IRS is now just letting us download our own tax transcript, it is a good step. Since you must provide your last two years of tax returns to your Bucks County bankruptcy lawyer prior to filing, this could speed up the process and reduce frustration.  

Saturday, February 1, 2014

Duties of the debtor -- Attendance at the Meeting of Creditors

For all individuals who file for bankruptcy in Bucks County, one of the duties they must perform is attending the Meeting of the Creditors.  They must also submit to a formal examination by the Trustee, which involves answering questions under oath.

Your Bucks County bankruptcy lawyer should inform you that you are also required to bring a picture I.D. issued by a governmental unit and proof of your Social Security number, normally in the form of your Social Security card or a W-2 (no copies, original documents only).

A debtor is also required to bring with them evidence of their present income (i.e. a recent pay stub) and a recent statement of your checking/savings accounts.

Certain cases will require additional information.  It is best to talk to your lawyer about the requirements and your lawyer should anticipate any unique circumstances in your case that would warrant additional documentation.  For example, if you are recently divorced, you should contact your Bucks County Divorce Lawyer to get a copy of your Marital Separation Agreement/Property Settlement Agreement just in case the trustee wants to see any asset division.