Timing to Avoid Tax Interest and Penalties

Wasson and ThornhillIncome Taxes

ouch hurts

Photo by Nick Fewings on Unsplash. How you time your bankruptcy case filing can affect whether, or how much, you pay the accrued, or future, income tax interest and penalties. This blog post is in a series about the importance of smart timing of your bankruptcy filing. Today we cover how good bankruptcy timing can prevent you having to pay … Read More

Protect Your Home from Income Tax Liens

Wasson and ThornhillIncome Taxes

Bankruptcy can protect your home from income tax liens. In the right situations you pay nothing on the tax, instead of needing to pay it all.     Income Tax Liens Are Dangerous Our last two blog posts were about judgment liens. First was about how filing bankruptcy can sometimes remove, or “avoid,” a judgment lien from your home. Second … Read More

Unexpected Benefit: An Income Tax Lien on a Nondischargeable Tax

Wasson and ThornhillTax Debts

Hit with an income tax lien on a tax that bankruptcy can’t discharge? Bankruptcy is all the more valuable so that you can afford to pay off that tax.   We’ve been talking about the effect of an income tax lien on an income tax that bankruptcy CAN discharge–legally write off. A tax lien can turn that tax from one you don’t … Read More

Unexpected Benefit: Dealing with a Recorded Income Tax Lien with Chapter 7

Wasson and ThornhillIncome Taxes

If you don’t file bankruptcy fast enough to prevent a recorded tax lien, sometimes filing a Chapter 7 still allows you pay less of that tax.   The last two blog posts have been about the benefits of preventing an income tax lien recording by filing bankruptcy. That’s especially helpful if the tax at issue is an older one that can be … Read More