Dealing with Multiple Years of Income Tax Debts through Chapter 7

Wasson and ThornhillIncome Taxes

If you owe some income tax which qualifies for discharge and some that doesn’t, can Chapter 7 “straight bankruptcy” help you?   Tax Liens under Chapter 7  Last week we showed how Chapter 7 can sometimes permanently prevent an income tax lien from hitting your home. It does that by stopping the recording of the tax lien, and then discharging … Read More

Getting Current on Home Property Taxes through Bankruptcy

Wasson and ThornhillTax Debts

Falling being on home property taxes creates problem with your tax collector but much more urgently with your mortgage lender.   Why Your Mortgage Lender Gets Upset With virtually all mortgage contracts, falling behind on your home property taxes puts you in default on the mortgage itself. That means that even if you are current on the mortgage payments your … Read More

Chapter 13 Gives More Time to Sell Your Home

Wasson and ThornhillHome Foreclosures

If you need more time to sell your home, you can usually get more time than under Chapter 7. Can maybe even delay selling for several years.   Our last blog post was about the relatively long time Chapter 13 gives you to catch up on your mortgage. Besides the 3 to 5 years it gives you, Chapter 13 also … Read More

Use Chapter 13 to Buy Much More Time for Your Home

Wasson and ThornhillHome Mortgages

The advantages of Chapter 13 are more time and more flexibility in catching up on your unpaid mortgage payments. Lots better than Chapter 7.   Two blog posts ago we said Chapter 7 buys some time with your home mortgage while Chapter 13 buys much more time. We then showed how Chapter 7 can help. Today we get into how … Read More

Chapter 7 May Forever Stop a Tax Lien on Your Home

Wasson and ThornhillIncome Taxes

Filing a Chapter 7 case stops a tax lien recording on your home, and so may stop that tax from turning into one you must pay.   Our last blog post was about how filing a Chapter 7 case buys you time with debts on your home. It’s worth expanding on one of those Chapter 7 benefits, one that can … Read More

Chapter 7 Buys You Some Time for Your Home

Wasson and ThornhillHome Mortgages

Chapter 7 buys you some time by stopping a foreclosure or delaying one from starting, and may also prevent liens from hitting your home.   Chapter 7 “Straight Bankruptcy” vs. Chapter 13 “Adjustment of Debts” Speaking very generally, Chapter 7 buys you some time with your home while Chapter 13 buys you much more time. So the questions are: how … Read More

Smart Timing Can Make Your Chapter 13 Case Shorter

Wasson and ThornhillChapter 13

Smart timing of your Chapter 13 “adjustment of debts” case can sometimes allow you to finish your payment plan faster and save lots of money.   Chapter 7 vs. Chapter 13 Two days ago we showed the importance of timing in the filing of a Chapter 7 case. The timing can affect whether you can qualify to be in a … Read More

Timing for Writing Off Income Taxes

Wasson and ThornhillTax Debts

Usually you can discharge–write off–an income tax debt by just waiting long enough. Here’s how to discharge a tax debt under Chapter 7.