Four Bankruptcy Myths Busted

If you or a loved one are currently considering bankruptcy to address your financial problems and obtain a financial fresh start, it is important to remember that not everything you hear about the process is true. There are a great deal of myths surrounding bankruptcy, and they often comes through word of mouth, anecdotes, and [...]

By | 2017-12-14T07:03:36+00:00 August 4th, 2017|Bankruptcy, Debt and Tax Relief|Comments Off on Four Bankruptcy Myths Busted

Is Discharged Debt Taxable?

One of the most defining aspects of bankruptcy is the discharge of debts that comes at the end of a case. Whether you file under Chapter 7 or Chapter 13 of the U.S. bankruptcy code, you will receive a discharge charge of your debts following liquidation under Chapter 7, or the completion of a payment [...]

By | 2017-12-14T07:04:13+00:00 June 16th, 2017|Bankruptcy, Debt and Tax Relief|Comments Off on Is Discharged Debt Taxable?

What Bankruptcy Can & Cannot Do For Federal Tax Debt

If you have federal tax debt, you may be wondering if filing for bankruptcy can do anything to help your situation. You may have even heard commercials offering the hope of eliminating tax debts in bankruptcy, but it’s actually not that simple. Most tax debts can’t be discharged by bankruptcy. And unfortunately, if you are [...]

By | 2017-12-13T02:09:31+00:00 March 24th, 2016|Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt and Tax Relief|Comments Off on What Bankruptcy Can & Cannot Do For Federal Tax Debt

Getting Rid of Back Taxes in Bankruptcy and What You Should Know

Bankruptcy can help you eliminate back income taxes depending on your situation and qualifications. You can file Chapter 7 bankruptcy to discharge tax debt that qualifies under the bankruptcy code. If your debt does not meet these qualifications, you may consider Chapter 13 bankruptcy to help you repay what you owe based on your income [...]

By | 2017-12-13T01:44:57+00:00 March 10th, 2014|Debt and Tax Relief, Tax - Debt Garnishments|Comments Off on Getting Rid of Back Taxes in Bankruptcy and What You Should Know

Bankruptcy and Tax Debt: What You Need to Know

There are various advertisements on television and radio that encourage consumers to utilize special services aimed at getting rid of tax debt through bankruptcy. Keep in mind the process may not be as easy as they make it sound. Some tax debts may not qualify for elimination in bankruptcy (Chapter 7), but they may qualify [...]

By | 2017-12-13T01:45:14+00:00 November 5th, 2013|Debt and Tax Relief, Tax - Debt Garnishments|Comments Off on Bankruptcy and Tax Debt: What You Need to Know

What Happens to a Tax Lien When Bankruptcy is Filed?

Your Tax Lien After Your Bankruptcy is Filed When you file bankruptcy, the automatic stay goes into effect which stops collection attempts from creditors. Yet, this may have a different effect on a tax lien depending on your situation. A tax lien is when a taxing authority, such as the Internal Revenue Service (IRS) or [...]

By | 2017-12-13T00:28:01+00:00 July 19th, 2013|Debt and Tax Relief|Comments Off on What Happens to a Tax Lien When Bankruptcy is Filed?

If I File My Taxes Late Can I Still File for Bankruptcy?

Even if you file your taxes late you can still file bankruptcy. When you begin the filing process you are required to provide documentation about your finances, debt, and monthly income. Your tax returns are necessary for a matter of reasons. Tax returns, including federal and state tax information, should be accurate for verification purposes. [...]

By | 2017-12-13T00:28:10+00:00 June 6th, 2013|Debt and Tax Relief|Comments Off on If I File My Taxes Late Can I Still File for Bankruptcy?

Using Chapter 13 Bankruptcy to Regain Control of Tax Debt

Chapter 13 Bankruptcy and Your Tax Debt If you're seeking a solution to help manage tax debt then Chapter 13 bankruptcy may be something to consider. It often depends on the type of debt in question, along with other financial obligations of the debtor. You may even gain an advantage using Chapter 13 to handle [...]

By | 2017-12-13T00:28:19+00:00 May 20th, 2013|Debt and Tax Relief|Comments Off on Using Chapter 13 Bankruptcy to Regain Control of Tax Debt

How Bankruptcy Can Help You Deal with Tax Debt

Tax Debt and Bankruptcy Bankruptcy can help taxpayers deal with tax debt either by eliminating qualifying debt or creating an affordable monthly payment to put toward what you owe. Each bankruptcy chapter has regulations and requirements for handling tax obligations. In some cases you can get them discharged, if they don't qualify for elimination, having [...]

By | 2017-12-13T00:28:29+00:00 April 17th, 2013|Debt and Tax Relief|Comments Off on How Bankruptcy Can Help You Deal with Tax Debt

Getting Tax Debt Discharged in Bankruptcy: 4 Requirements Your Debt Must Meet

If you're wondering whether you can get can tax debt eliminated in bankruptcy, you'll need to review several factors to learn if your debt qualifies.  Chapter 7 and Chapter 13 bankruptcies may help you deal with your debt in different ways.  In order to understand your options in detail and learn if bankruptcy is an [...]

By | 2017-12-13T00:28:40+00:00 March 15th, 2013|Debt and Tax Relief|Comments Off on Getting Tax Debt Discharged in Bankruptcy: 4 Requirements Your Debt Must Meet