If you or anyone you know is contemplating bankruptcy, December 31st is an important date. If your bankruptcy case is filed before the year ends, you can keep your income tax refund. Once the year is over, however, the IRS or the student loan collector are allowed to take the refund to apply it to […]
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IRS Tax Day Taxes Video
You can often get the IRS off your back through Bankruptcy. Thousands have gone through one of the Bankruptcy chapters and regained their freedom from the IRS. FEDERAL TAX LIENS A federal tax lien is the government’s legal claim against all your property. It encumbers real estate, bank accounts, and even personal property. How does
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Bankruptcy IRS Liens Video
SURPRISING BENEFITS OF CHAPTER 13 Personal income tax debts that are older than 3 years may be discharged. For a fuller discussion see: Can I Discharge IRS Taxes In Bankruptcy? After Chapter 7 discharge there are 2 types of tax that remain: WHAT TO DO? A Taxpayer may be able to deal with the IRS outside
Dealing with IRS Debt that Can’t Be Discharge in Chapter 7 Read Post »
Chapter 7 IRS VideoELIMINATING TAX DEBT IN BANKRUPTCY The following set out the rules to discharge an IRS debt in Bankruptcy: You can get your IRS transcripts by going to Get Transcript FAQs When I explain the above mentioned rules to clients they look at me glassy eyed. I don’t blame them. The rules are legalistic and confusing. For
Can I Discharge IRS Taxes In Bankruptcy? Read Post »
IRS Taxes Video
IRS Liens The IRS often files tax liens on property. The lien is extended to all property in the county in which it is filed. The tax lien applies your house and all your personal property. The lien is good for 10 years. There are 2 instances where the tax lien can be avoided in
How Can IRS Tax Liens and Judgment Liens Be Eliminated? Read Post »
IRSDo your debts include IRS back taxes? If you do nothing, the interest and penalties will continue to pile up. The IRS may even file liens against your assets or prosecute you for tax evasion. Contrary to what most people think, some federal income tax arrears can be discharged in a Chapter 7 or Chapter
Can Personal Income tax be discharged in Bankruptcy: Chapter 7 or Chapter 13? The answer is “Yes” based on certain rules: CHAPER 13 The same rules apply to both Chapter 7 and Chapter 13. If you file Chapter 13 the IRS debts that can be discharged receive a dividend like other unsecured debts. The dividend
Discharging Personal Income Tax (IRS) in Bankruptcy Read Post »
IRS Taxes VideoThis article is about IRS debts that are dischargeable in Bankruptcy but where the IRS has filed a lien. The IRS frequently files tax liens on all property the taxpayer owns in the county where the taxpayer resides. Tax liens have a life of 10 years. They can be renewed after 10 years but usually
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IRS Liens Video