Unexpected Benefit: Use Chapter 7 to Escape a Tax Payment Plan

Wasson and ThornhillIncome Taxes

Breaking an IRS/state income tax payment plan usually has very bad consequences. But filing bankruptcy lets you escape a tax payment plan.        Tax Installment Agreement You Can’t Afford It’s a common problem. You owed income taxes a year or two ago when you sent in your tax returns. Money was very tight so you couldn’t just pay it … 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