If you can’t discharge your income tax debt through Chapter 7, or make workable payment arrangements on your remaining tax debt, then Chapter 13 can be a good solution
Don’t assume that just because your income taxes are too new to be written off that 1) bankruptcy can’t help, or 2) only Chapter 13 can help.
Here are the other three hurdles your tax debt has to jump over to be forever written of in bankruptcy
Your tax debt has to jump over 4 hurdles to be forever written off in bankruptcy. But if it does, that tax is history.
Two fun topics: taxes and bankruptcy! Seriously, they can be a very good combination.
How to avoid getting tripped up in a trap set by Congress supposedly to prevent bankruptcy abuse.
You can file a new bankruptcy immediately after finishing another one, but why would you?
You can file a new case 8 years after filing before (so, now or very soon), or possibly only 6 or 4 or 2 years after, or maybe even with no delay.
Chapter 7 can legally write off some business-related taxes, and put you in a good position to take care of the rest.
Chapter 7 gives you a fresh financial start by legally erasing your debts. That’s enough if your debts are simple ones.
The risk that creditors will not allow you to discharge some of their debts can be minimized through smart timing of your bankruptcy.
It’s human nature to hold off filing bankruptcy until after the holidays. Here’s what you need to know once you think again about filing.
One advantage of filing a Chapter 13 case is that you can get out of it at any time. But what happens if you do dismiss your case?
Finding the best way out of this seeming Catch-22 depends on a full understanding of your unique situation and your goals.
Filing bankruptcy with or without your spouse affects the discharge of debts you each receive, and also affects whether you file under Chapter 7 or 13.