Income Tax Penalties and Interest in Chapter 13

Wasson and ThornhillIncome Taxes

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

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