An Income Tax Chapter 13 Plan

Wasson and ThornhillIncome Taxes

An income tax chapter 13 plan lets you to pay the IRS whatever you can afford, avoid some or all penalties, and stop interest from accruing.   Today we put the facts of last week’s blog post into a Chapter 13 plan, showing how it actually works. You’ll see how Chapter 13 saves you money and avoids stress as you … Read More

During 2019 You Can Include 2018 Income Tax Debt in Chapter 13

Wasson and ThornhillIncome Taxes

If you owe 2018 income tax you can now include that tax into a new Chapter 13 case and payment plan.     Have you been considering filing bankruptcy and now also expect to owe income taxes for 2018? If so, the start of 2019 gives you more reason to file a Chapter 13 “adjustment of debts” case. Why? Because … Read More

Chapter 7 is Quick. Chapter 13 Buys More Time.

Wasson and ThornhillAutomatic Stay

Both kinds of bankruptcy can use time to your advantage. Chapter 7’s advantage is it’s quick. Chapter 13 is it buys you much more time.   A Key Distinction-Treatment of Time We’re starting a series of blog posts about the practical differences between Chapter 7 and Chapter 13 bankruptcy. Before getting down into the details let’s look at a difference … Read More