Prevent an income tax lien by filing under either Chapter 7 or 13. But if the tax qualifies for discharge Chapter 13 is slower and riskier. Last week we showed how detrimental the recording of an income tax lien can be for you. It can turn a tax that you could fully discharge (legally write off in bankruptcy) into … Read More
Breaking an IRS/state income tax payment plan usually has very bad consequences. But filing bankruptcy lets you escape a tax payment plan. Tax Installment Agreement You Can’t Afford It’s a common problem. You owed income taxes a year or two ago when you sent in your tax returns. Money was very tight so you couldn’t just pay it … Read More
Do you have a 2nd or 3rd mortgage, owe property taxes, or have an income tax lien on your home? Chapter 13 may be much better than Chapter 7. The last two blog posts were about situations in which a homeowner is current on the mortgage but has other debts on the home. We showed how Chapter 7 “straight … Read More
A Chapter 13 payment plan gives you more flexibility, much more time, and other advantages to resolve multiple years of income tax debts. Stopping Tax Liens through Chapter 13 In our last blog post we showed how Chapter 7 might prevent an income tax lien from hitting your home. It stops the recording of the tax lien through the … Read More
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
You can put a “preferential payment” to work for you if you owe a “priority” debt–back child or spousal support, or recent income taxes.
Would your small business thrive if you could just get some relief from your creditors? Especially the tax collectors? Consider Chapter 13.
You can’t keep your refund if you owe for another tax year. But if you discharge (write off) that tax debt, you can keep future refunds.
Keep your refund if it’s small (enough) or by not filing bankruptcy until spending that refund (wisely).
The October 15 extended tax filing deadline is now the new April 15 for many Americans. If you owe and canât pay, here are some solutions.
Almost all paycheck garnishment is illegal from the moment your bankruptcy case is filed. Here’s what to do in the rare event it happens.
If you lost money through garnishment during the 90 days BEFORE filing bankruptcy, that money may be returned to you or a favored creditor.
You may have assets not protected by the property exemptions. If you owe recent income taxes, surrender the assets so the taxes get paid.
Take advantage of the fact that the law happens to treat certain creditors better than others.
By following 5 steps, you can discharge (write off) more of the income taxes you now owe.
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