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Home Bankruptcy Blog tax returns

Tax Season: 20 Ways Bankruptcy Helps If You Owe Income Taxes

Wasson and ThornhillApril 21, 2014Income Taxes

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.

Tax Season: Filing Bankruptcy Before the IRS Levies on Your Vehicle

Wasson and ThornhillApril 16, 2014Automatic Stay

Can the IRS seize your car or truck in payment of a tax debt you owe? Yes, if it has substantial equity. Will it do so? Possibly.

Tax Season: Filing Bankruptcy Before an Income Tax Levy on Your Paycheck and/or Bank Account

Wasson and ThornhillApril 14, 2014Tax Debts

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.

Tax Season: The Benefits of Filing a Chapter 13 Case Before the Recording of a Tax Lien

Wasson and ThornhillApril 11, 2014Tax Liens

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.

Tax Season: The Benefits of Filing a Chapter 7 Case Before the Recording of a Tax Lien

Wasson and ThornhillApril 9, 2014Tax Liens

Chapter 7 can prevent a tax lien. Here’s what happens with and without that recorded tax lien.

Tax Season: When It’s Important to File Bankruptcy Sooner Rather Than Later–Tax Liens

Wasson and ThornhillApril 7, 2014Tax Liens

A tax lien recorded before you file bankruptcy can force you to pay taxes you could otherwise not pay. You can prevent that lien recording.

Tax Season: Pay Your Income Taxes by Discharging Your Other Debts

Wasson and ThornhillMarch 24, 2014Income Taxes

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.

Tax Season: Writing Off Income Taxes Forever is Usually Just a Matter of Time

Wasson and ThornhillMarch 21, 2014Discharge of Debts

To forever discharge a tax debt, technically you must meet each of 4 conditions. But practically speaking, you meet 2 of them automatically.

Tax Season: Clearing Up the Most Important Mix-ups about Bankruptcy and Income Taxes

Wasson and ThornhillMarch 19, 2014Income Taxes

Income taxes CAN be discharged under Chapter 7. Chapter 13 can be great with taxes BUT sometimes is neither necessary nor the best option.

Tax Season: The Many, Many Ways Bankruptcy Can Cure Your Income Tax Headache

Wasson and ThornhillMarch 17, 2014Tax Debts

Bankruptcy can do so much more than write off old taxes and buy time to pay newer ones. So if you owe lots of taxes, it’s worth considering.

Tax Season: The IRS is Only a Slightly Special Creditor As Far As You Getting Immediate Bankruptcy Protection

Wasson and ThornhillMarch 14, 2014Automatic Stay

You are protected from the very powerful collection capabilities of the IRS during bankruptcy virtually as if it were just any other creditor.

Tax Season: How to Keep Your Pending Income Tax Refund While Starting a Chapter 13 Bankruptcy

Wasson and ThornhillMarch 10, 2014Chapter 13

You can usually spend your anticipated tax refund on something important, but may first have to get permission from the bankruptcy judge.

Good Reason to Delay Filing Bankruptcy until Now: Pay Less Income Taxes AND Shorten Your Chapter 13 Case

Wasson and ThornhillJanuary 29, 2014Income Taxes

If you owe income taxes, with wise timing you may be able to be in Chapter 13 for much less time.

Good Reason to Delay Filing Bankruptcy until Now: Write Off More Income Taxes

Wasson and ThornhillJanuary 24, 2014Discharge of Debts

If you owe income taxes, not only can you write off most older ones, you may have some control over which taxes you can write off.

Good Reason to Delay Bankruptcy until Now: To Include 2013 Income Tax Debts

Wasson and ThornhillJanuary 15, 2014Tax Debts

If you owe income taxes for 2013, filing a Chapter 13 “adjustment of debts” would enable you to pay that tax under very favorable terms.

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RECENT POSTS

  • What If You Already Owe Income Tax? April 12, 2021
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