Filing Chapter 7 bankruptcy gives you a break from income tax collections, precious time to deal with a recent tax you must still pay. We ended the last blog post saying that sometimes a Chapter 7 bankruptcy will stop a wage garnishment only temporarily. One such situation is if the IRS (or state tax agency) is chasing you on … Read More
Timing for Writing Off Income Taxes
Usually you can discharge–write off–an income tax debt by just waiting long enough. Here’s how to discharge a tax debt under Chapter 7.
Proofs of Claim of Priority Creditors in Chapter 13
Priority proofs of claim need to be carefully monitored in a Chapter 13 case. Make sure one’s filed so it gets paid, and at the right amount.
“Priority” Income Tax Debt under Chapter 7
Income tax debt may be discharged–legally written off–in a Chapter 7 case. It just needs to meet some conditions.
Treatment of “Priority” Debts under Chapter 7
Here’s what happens to “priority” debts in an “asset case.”
Timing Your Bankruptcy: Cover More Income Taxes
During the first months of 2016 your bankruptcy can write off more of your tax debts.
Chapter 7 vs. Chapter 13–Income Tax Lien Only Partly Secured by Equity in Your Home
If you don’t have much equity in your home, so that a tax lien eats up all that equity and then some, how can you get rid of that tax lien?