Bankruptcy and the IRS

You have tried and failed at settling your tax debt with the IRS – your offer in compromise was rejected – and are now considering bankruptcy for relief from the taxman. But before you jump in with the bankruptcy filing, it is important to understand how your offer in compromise could have complicated success with […]

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Owing just credit cards or just the IRS is a heavy load. But what if you are strugglng with credit card debt and have fallen behind on your taxes, and are understandably sinking under their combined weight? For a while, it may be manageable – the IRS sometimes takes a while to rear its ugly […]

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Can bankruptcy get you out of a bind with the IRS and eliminate your tax debt? If this was a true or false law school exam, I would say that’s a trick question.  The answer is both – bankruptcy can discharge tax debt, and it can’t. Huh? There are many rules in the bankruptcy code that […]

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When all else fails – or even if all else does not fail – Chapter 7 bankruptcy can be an excellent option to take old IRS problems out of your life. Yes, bankruptcy can eliminate tax debt. But bankruptcy is also incorrectly associated with losing assets, having everything you own wiped out by the bankruptcy […]

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Proceeding blindly is something that you rarely want to do with the IRS. If you owe back taxes, or have unfiled returns, or are in any way concerned about an IRS problem, it’s best to first find out what the IRS knows about you. What is the IRS doing on your account?  What can they […]

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It is complicated enough to understand when taxes can be discharged in a bankruptcy.  But once it is determined that your taxes can be done away with in bankruptcy, another potential hurdle rears its ugly head:  Bankruptcy means testing. Means testing determines what type of bankruptcy you qualify to file – Chapter 7, which eliminates […]

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