You’re considering bankruptcy, and you have some unfiled tax returns for the IRS and/or your state. Should you prepare and file them, and when? Our last two blog posts have been about what you should and should not do before filing bankruptcy. These are important to consider even if you hope to avoid bankruptcy but are sensibly admitting it’s possible. … Read More
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 tax lien fully encumbered by the equity in your home is dangerous. Chapter 13 may be your best option.
Chapter 13 forces the IRS/state to accept only partial payment on an income tax debt that is only partially secured by a tax lien.
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
Which kind of bankruptcy to file depends on whether there is equity for the lien and whether the underlying tax can be discharged.
Income tax debts can be written off when meeting certain conditions, mostly by being old enough. Here’s what happens in Chapter 7 and 13.
A tax lien may attach to something you own, worth less than the amount of the tax you owe. How can you get rid of that tax lien?
Would your small business thrive if you could just get rid of, or at least get better payment terms on, your overdue taxes?
Your ex-spouse’s bankruptcy filing seldom helps you, even if it writes off a joint tax. But your own Chapter 7 or 13 can help you directly.
The October 15 extended tax filing deadline is now the new April 15 for many Americans. If you owe and canât pay, here are some solutions.
It’s now after April 15 so it’s no longer tax season. But if you owe income taxes, it’s ALWAYS tax season. Here’s how to escape.
You can be in a streamlined monthly installment plan to pay back income taxes even if you owe the IRS a lot of money. But should you be?
You may not think of bankruptcy as a solution to your tax problems. But do look into it before the tax collector starts grabbing at you.
Chapter 13 can prevent tax liens, which can be very detrimental. IF one IS recorded, Chapter 13 deals with it better than does Chapter 7.
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