Bankruptcy can protect your home from income tax liens. In the right situations you pay nothing on the tax, instead of needing to pay it all. Income Tax Liens Are Dangerous Our last two blog posts were about judgment liens. First was about how filing bankruptcy can sometimes remove, or “avoid,” a judgment lien from your home. Second … Read More
Bankruptcy helps with more than just your mortgage. You can avoid, or deal constructively with, judgment, income tax, support and HOA liens. Last week we gave you 7 ways that bankruptcy can either save your home now or protect it going forward. Here are the remaining 8 ways (#8 through #15), mostly involving involuntary liens placed on your home … Read More
The IRS’ or state’s recording of an income tax lien against you is dangerous. It often forces you to pay a tax that you could have discharged. If you owe income taxes, stopping the IRS or state record a tax lien can be a huge benefit of filing bankruptcy. How much of a benefit turns on details about the … Read More
Filing a Chapter 7 case stops a tax lien recording on your home, and so may stop that tax from turning into one you must pay. Our last blog post was about how filing a Chapter 7 case buys you time with debts on your home. It’s worth expanding on one of those Chapter 7 benefits, one that can … Read More
If you owe income taxes, and are at the point that the IRS is about to seize your assets, you need to consider bankruptcy. It can help in surprising ways.