Unexpected Benefit: An Income Tax Lien on a Nondischargeable Tax

Wasson and ThornhillTax Debts

Hit with an income tax lien on a tax that bankruptcy can’t discharge? Bankruptcy is all the more valuable so that you can afford to pay off that tax.   We’ve been talking about the effect of an income tax lien on an income tax that bankruptcy CAN discharge–legally write off. A tax lien can turn that tax from one you don’t … Read More

When Your Mortgage is Current in Chapter 7

Wasson and ThornhillHome Mortgages

There are certain scenarios when your home mortgage is current and you’re dealing with other home-related debts that Chapter 7 works well.   You’re current on your home mortgage payment, although you’ve been struggling mightily to keep it that way. You’re thinking very seriously about getting some financial help through bankruptcy. But you absolutely want to keep the home that … Read More

Defeating a Recorded Tax Lien with Chapter 13

Wasson and ThornhillIncome Taxes

Use Chapter 13 to defeat the leverage that a recorded tax lien on your home gives the IRS/state. Buy valuable time and flexibility.   Stopping Tax Liens by Filing Bankruptcy In our last blog post we showed how Chapter 13 can buy you more time and flexibility than Chapter 7. We showed an example how that’s especially true if you … Read More