If you owe a whole lot of income taxes, especially if you owe for multiple years, bankruptcy can get you tax debt free surprisingly fast.
What happens at the most important hearing you don’t attend in your Chapter 13 case, the “Confirmation Hearing”?
What happens in and around the “Meeting of Creditors” in a Chapter 13 case?
The initial steps in a Chapter 13 case right after it is filed.
More on getting comfortable with the “straight bankruptcy” process with this story about how it works.
Chapter 7 can only help in certain tax debt situations. Chapter 13 “adjustment of debts” is both more powerful and more flexible.
Can anything about taxes ever be fun?! We honestly think this is interesting stuff. Happy April 15th!
By following 5 steps, you can discharge (write off) more of the income taxes you now owe.
To avoid owing income taxes April 15 of NEXT year, file a partial-year tax return and pay the tax on it through your Chapter 13 case.
If you had struggled to keep a business open, but have decided to throw in the towel, there’s a good chance you owe taxes. Here’s how to deal with them.
The IRS is just another creditor that you can get immediate protection from by filing bankruptcy. With some exceptions.
Even if a straight bankruptcy would leave you owing some or all your income taxes, it may position you well to settle those taxes with an Offer in Compromise.
Here are the other three hurdles your tax debt has to jump over to be forever written of in bankruptcy
If you expect to owe 2012 income tax, you may be able to take care of it simply by paying less to your other creditors.
Filing bankruptcy with or without your spouse, and under Chapter 7 or Chapter 13, may affect what protections you each receive.