12 Unexpected Benefits of Bankruptcy

Wasson and ThornhillBankruptcy Options

Bankruptcy gives you immediate and long-term relief from your creditors. But there are many other unexpected benefits of bankruptcy.      The next 12 blog posts will be about some of the most powerful and surprising benefits of bankruptcy. You’re likely considering bankruptcy because you need financial relief. You need immediate relief from debt collection pressures. You need long-term relief from having to pay … Read More

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

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

A Fresh Start for Your Home Equity Encumbered by a Tax Lien

Wasson and ThornhillTax Liens

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