Photo by Joshua Sukoff on Unsplash. An income tax lien creates challenges, so try to file bankruptcy to prevent one. Otherwise, bankruptcy can often help deal with a tax lien. This blog post continues a series about the smart timing of your bankruptcy filing. (It was interrupted by two blog posts updating federal unemployment benefits.) The last one in this … Read More
Chapter 13 handles a tax lien on a home especially well when the home has enough equity to cover some but not all of the tax lien amount.
Chapter 13 takes away the danger of a tax lien encumbering the equity in your home. If the IRS or your state tax collector records an income tax lien against your home, and you want to keep the home, sometimes through bankruptcy you don’t have to pay the tax. If there’s no equity at all in the home to … Read More
If the IRS or state has recorded a tax lien on your home, sometimes a Chapter 13 “adjustment of debts” can get rid of both the tax and the lien. Income Taxes that Can Be “Discharged” (Legally Written Off) If you owe an income tax debt, it can be discharged like most other debts. The tax debt just needs to meet … Read More
A tax lien may attach to something you own, worth less than the amount of the tax you owe. How can you get rid of that tax lien?
A tax lien may attach to assets worth more than the amount of the underlying tax. That could make either a small or a huge difference.
A tax lien recorded against your home hurts even if the home has no equity. A Chapter 13 bankruptcy can often get rid of such tax liens.
Save your home by catching up on real property taxes and securing the release of recorded income tax liens.
Bankruptcy gives you power over the IRS in getting rid of a tax lien. Chapter 13 in particular empowers you to value and pay off a lien.
Chapter 13 hugely helps minimize the effect of a tax lien on older, dischargeable tax debts. But it also does wonders with newer taxes.
Bankruptcy can prevent a tax lien from being recorded. But even if one IS recorded before you file, Chapter 13 can particularly benefit you.
Chapter 13 can prevent tax liens, which can be very detrimental. IF one IS recorded, Chapter 13 deals with it better than does Chapter 7.
Chapter 7 can prevent a tax lien. Here’s what happens with and without that recorded tax lien.
A tax lien recorded before you file bankruptcy can force you to pay taxes you could otherwise not pay. You can prevent that lien recording.