Augusta Bankruptcy attorney

Augusta Bankruptcy attorney

Assets in a Chapter 13 Bankruptcy in Augusta GA

Bankruptcy rules determine which of the debtors assets form part of the bankruptcy estate. These assets are considered the same in the estates hands as they were in the debtors hands.
The gross income of the bankruptcy estate includes any of the debtors gross income to which the estate is entitled under the bankruptcy law. The estates gross income also includes any income the estate is entitled to and obtains or accrues proceeding the beginning of the bankruptcy proceeding. Gross income of the bankruptcy estate will not comprise of amounts obtained or accrued by the debtor prior to the bankruptcy petition date.

The bankruptcy estate determines its taxable income the same way as an individual calculates his or her taxable income. The estate may take one personal exemption and either individual itemized deductions or the basic standard deduction for a married person filing a separate return. The estate is not allowed take the higher standard deduction allowed for married individuals filing separately who are above 65 years or blind. The estate uses the rates for a married individual filing separately to determine the tax on its taxable income.


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