The U.S. Treasury is sending money to most adults “as rapidly as possible,” $1,200 if you make less than $75,000, plus $500 per dependent. On Friday (March 27) Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act. It’s also called the CARES Act, better known as the massive $2.2 trillion pandemic relief … Read More
Income Tax Penalties and Interest in Chapter 13
Chapter 13 can save you money with both already accrued and ongoing income tax penalties and interest. So you pay less and finish faster. Last week we got into the advantages of paying priority income taxes through a Chapter 13 “adjustment of debts” case. Those are the usually-recent income taxes which cannot be written off (“discharged”) in bankruptcy. Today … Read More
Resolving Income Tax Liens and Preventing New Ones
Chapter 7 sometimes doesn’t give much help with tax liens. But Chapter 13 hugely helps with tax liens already recorded, and stops new liens.
Preventing a Tax Lien on Your Home
The recording of an income tax lien turns your home into collateral on the tax you owe. Stop the IRS/state from getting that huge advantage.
The Best Way to Deal with an Income Tax Lien Partly Encumbering Your Home Equity
Chapter 13 handles a tax lien on a home especially well when the home has enough equity to cover some but not all of the tax lien amount.
A Fresh Start for Your Home Equity Encumbered by a Tax Lien
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
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?
Chapter 7 vs. Chapter 13–Income Tax Lien Fully Secured by Home Equity
If you have enough equity in your home to cover a recorded tax lien, to keep your home you must pay that tax. Hereâs how bankruptcy helps.
Chapter 7 vs. Chapter 13–An Income Tax Lien on Your Home
Which kind of bankruptcy to file depends on whether there is equity for the lien and whether the underlying tax can be discharged.
Chapter 7 vs. Chapter 13–If You Owe Both Newer and Older Income Taxes
If you owe more than 1 year of income taxes, some may be dischargeable and some may not. What happens if you owe both kinds?
Chapter 7 vs. Chapter 13–Older Income Taxes
Income tax debts can be written off when meeting certain conditions, mostly by being old enough. Here’s what happens in Chapter 7 and 13.
How Bankruptcy Handles Employee Withholding Tax Debt
Employee withholding taxes can’t be written off in bankruptcy. But still, either Chapter 7 or 13 may provide your best solution.
How to Protect Income Tax Refunds in Chapter 7
If you are thinking about filing bankruptcy and have a tax refund coming, you can usually keep your refund if you get advice about doing so.
How Bankruptcy Helps With a Recorded Income Tax Lien that Is Partially Secured by Your Assets
A tax lien may attach to something you own, worth less than the amount of the tax you owe. How can you get rid of that tax lien?