Bankruptcy – Chapter 13

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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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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Deciding whether it is best to submit an offer in compromise or file bankruptcy on your taxes involves thoughtful consideration of many factors.  Those factors include how long each can take, which option will have the lowest settlement payment, which is most likely to be successful, and post-settlement terms (like tax lien releases in bankruptcy […]

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You decide to tell the IRS collection representative what you make, give them your paystubs, and innocently list your monthly living expenses.  You would like a payment plan, and have some idea of what you can afford.  Or you do not think you can afford any payment, and would like the IRS to put your […]

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Chapter 7 is for you if you do not have any money left at the end of the month to repay your creditors.  It is designed to give you a fresh start from honest mistakes you made in your finances – too much credit card debt, medical bills, a failed business and yes, unpaid taxes. […]

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