Statute Of Limitations And Bankruptcy Fraud
Every law has its limitations, and so does bankruptcy fraud. There are several ifs and buts to the functioning of bankruptcy clause. Here are some of them. |
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- In case the Internal Revenue Service has issued a notice for deficiency which is less than or after 90 days before the person files for bankruptcy, the assessment period is suspended for 60 days.
- The stay will terminate upon closing of the bankruptcy case automatically. The case is dismissed but a discharge may be granted or denied.
- A tax payer can file for petition for re-determination, during the 90 day period. This will suspend the ongoing 90 day period from the date of petition filed by the tax payer and then a new time period of 60 days is set.
However, again these statutes are situational. They are mentioned in the books of law as situation A, B or C. There are several such situations which will change the behavior of the statutes. In order to know what your legal rights are, it is always better to consult a lawyer.
A bankruptcy fraud case can be reinvestigated and there is no stead fast rule that once the court declares it is a fraud, it is one. These kinds of rights are only extended to tax payers. The notice period can come to a halt if a petition have been filed and a stay order has been obtained. It is very difficult to understand what rules would apply to as an individual as there are several ifs and buts involved.
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