How Bankruptcy Handles . . . Income Tax Debts
Bankruptcy writes off income taxes, if they meet certain conditions. These conditions are relatively, but not completely, straightforward.
New Year Resolution #14: Pay As Much of Your Debts As You Can, Under Your Own Terms, and Then Owe No More
Chapter 13 is a tremendously flexible way to pay as much as your budget allows, over a reasonable time, and then write off the rest.
New Year Resolution #5: Solve Your Seemingly Impossible Child or Spousal Support Arrearage Problem, Once and For All
Get relief from what can be the most dangerous kind of debt. Support enforcement is very powerful. Fight back with something even stronger.
Crucial Question: Does It Take Years to Get Rid of Your Debts under Chapter 13?
Yes, the "discharge"--write-off--of your debts does not happen until the end of your 3-to-5-year case. Thus there are some resulting risks.
Crucial Question: Why File Under Chapter 13 If You Have to Pay Something to Your Creditors Instead of Paying Nothing Under Chapter 7?
Chapter 13 has huge advantages in many situations, often making any extra cost well worthwhile.
Crucial Question: How Much Do You Pay to Your Creditors in a Chapter 13 Case?
Under Chapter 13 some special creditors may be paid in full, while others are paid much less, sometimes even nothing. What determines this?
Crucial Question: How Long Does a Chapter 13 Case Take to Finish?
Whether you must pay for 3 years or 5 depends mostly on your income. Exactly how long it last depends on the many moving parts of your case.
Crucial Question: What Is a Chapter 13 Plan?
It's a formal proposal about how much you'll pay your creditors. It is, often after some adjustments, "confirmed" by the bankruptcy court.
Crucial Question: How Does Chapter 13 Save Possessions that You’d Otherwise Lose in a Chapter 7 Bankruptcy?
If your possessions are not fully protected by the available property exemptions under Chapter 7, Chapter 13 can save the day.
October Tax Season: How Is a Recorded Tax Lien on My Home Removed through Bankruptcy?
Bankruptcy gives you power over the IRS in getting rid of a tax lien. Chapter 13 in particular empowers you to value and pay off a lien.
October Tax Season: If Behind on Filing Tax Returns and I Owe Taxes, Should I File the Returns Before Filing Bankruptcy?
Bankruptcy can be a surprising good way to solve your tax problems. But first, got to prepare your returns to get good advice about options.
October Tax Season: What Happens to My Income Tax Refund If I File a Chapter 13 Case Instead?
Chapter 13 is not as cut-and-dried in protecting your refund. But generally you can use it for an urgent expense or for an urgent creditor.
Crucial Question: How Can I Protect a Non-Exempt Asset with a Chapter 13 “Adjustment of Debts”?
Protect your otherwise unprotected asset(s) by flexibly paying to do so under Chapter 13. Maybe you wonât even need to pay anything extra.
Crucial Question: How Can I Use an Unprotected “Non-Exempt” Asset to My Benefit Even Under Chapter 7 “Straight Bankruptcy”?
Give your asset to the Chapter 7 trustee to pay a very special creditor. Either because you donât need that asset or itâs your best option.
Crucial Question: How Can I Protect a Co-Signer Better in a Chapter 13 “Adjustment of Debts” Case?
The âco-debtorâ stay is a remarkable tool for protecting your co-signer from having to pay your debt.