I recently went through a chapter 7 bankruptcy in whick trustee would not allow discharge unless I turned over 20,0 worth of ira's. Now my cpa says I have to pay penalities and taxes on these. Is that right?
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I recently went through a chapter 7 bankruptcy in whick trustee would not allow discharge unless I turned over 20,0 worth of ira's. Now my cpa says I have to pay penalities and taxes on these. Is that right?
Yes. You cannot discharge debts to the IRS with a bankruptcy.
You should, though, try to negotiate with them on those penalties and taxes... try to settle for a lower amount.
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