Income taxes that can and canât be discharged. Recorded tax liens. Here are straightforward examples of how Chapter 13 works with each.
Would your small business thrive if you could just get rid of, or at least get better payment terms on, your overdue taxes?
Bankruptcy can be a surprising good way to solve your tax problems. But first, got to prepare your returns to get good advice about options.
If you can afford your monthly installment agreement with the IRS/state, it may be an appealing solution. But often not the best one.
With very few limited exceptions the IRS/state must stop all collection activity, from the beginning to the end of your bankruptcy case.
Chapter 13 “adjustment of debts” gives you many tools that Chapter 7 “straight bankruptcy” does not.
Yes, if you meet certain conditions you CAN legally discharge–permanently write off–federal and state income taxes.
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.
Chapter 13 hugely helps minimize the effect of a tax lien on older, dischargeable tax debts. But it also does wonders with newer taxes.
Bankruptcy can prevent a tax lien from being recorded. But even if one IS recorded before you file, Chapter 13 can particularly benefit you.
If you can’t afford your current IRS monthly payment plan, or are about to break it with a new year of taxes due, bankruptcy can save you.
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?
Resolving your tax debts through Chapter 13 “adjustment of debts” can cost you less than Chapter 7.
With interest rates low, it doesn’t cost all that much to pay back taxes in monthly installments. File bankruptcy so you can afford to do so.
Income taxes CAN be discharged under Chapter 7. Chapter 13 can be great with taxes BUT sometimes is neither necessary nor the best option.