Chapter 13 can save you money with both already accrued and ongoing income tax penalties and interest. So you pay less and finish faster. Last week we got into the advantages of paying priority income taxes through a Chapter 13 “adjustment of debts” case. Those are the usually-recent income taxes which cannot be written off (“discharged”) in bankruptcy. Today … Read More
The Special Role of “Priority” Debts in Bankruptcy
What makes “priority” debts so special?
Resolving Income Tax Liens and Preventing New Ones
Chapter 7 sometimes doesn’t give much help with tax liens. But Chapter 13 hugely helps with tax liens already recorded, and stops new liens.
Defeating an Income Tax Lien against Your Home
Once an income tax lien is recorded, Chapter 13 gives you a tool that may enable you to pay no more and yet get a release of that tax lien.
A Fresh Start on the Income Tax Lien against Your Home
If the IRS or state has recorded a tax lien on your home, sometimes a Chapter 13 “adjustment of debts” can get rid of both the tax and the lien. Income Taxes that Can Be “Discharged” (Legally Written Off) If you owe an income tax debt, it can be discharged like most other debts. The tax debt just needs to meet … Read More
A Fresh Start on Unpaid Property Taxes
Having unpaid property taxes is dangerous, and violates the contract with your mortgage lender. Bankruptcy addresses both issues. Is Chapter 7 “Straight Bankruptcy” Enough Help? It possibly can give you enough of a fresh start with your other debts so that you can catch up on your property taxes. But doing so while keeping your mortgage lender also satisfied is difficult to pull … Read More
Timing Your Bankruptcy: Include Income Taxes Owed for 2015 by Filing Chapter 13 in Early 2016
As of January 1, 2016 you can include any taxes you owe for the 2015 tax year in your Chapter 13 payment plan.
Chapter 7 vs. Chapter 13–Income Tax Lien Only Partly Secured by Equity in Your Home
If you don’t have much equity in your home, so that a tax lien eats up all that equity and then some, how can you get rid of that tax lien?
Chapter 7 vs. Chapter 13–If You Owe Both Newer and Older Income Taxes
If you owe more than 1 year of income taxes, some may be dischargeable and some may not. What happens if you owe both kinds?
Chapter 7 vs. Chapter 13–Newer Income Taxes
Income tax debts that can’t be written off must be paid, either after a Chapter 7 case or during a Chapter 13 one.
How Bankruptcy Helps With a Recorded Income Tax Lien that Is Fully Secured by Your Assets
A tax lien may attach to assets worth more than the amount of the underlying tax. That could make either a small or a huge difference.
How Bankruptcy Helps With a Recorded Income Tax Lien that Attaches to No Equity
A tax lien recorded against your home hurts even if the home has no equity. A Chapter 13 bankruptcy can often get rid of such tax liens.
Newer Income Tax Debt in Bankrutpcy
Bankruptcy does not writes off newer income taxes, but Chapter 7 and Chapter 13 both still have ways of helping.
New Year Resolution #4: Address Your Income Tax Debts
Chapter 7 and Chapter 13 can conquer your taxes, each in its own way. What could improve your life in 2015 more than getting rid of that worry?!
How Chapter 13 Can Help with Income Tax Debts
Income taxes that can and canât be discharged. Recorded tax liens. Here are straightforward examples of how Chapter 13 works with each.