You can put a "preferential payment" to work for you if you owe a "priority" debt--back child or spousal support, or recent income taxes.
It's quite easy to get into an IRS or state monthly payment plan, but what if you can't make the payments or you owe new taxes the next year?
If you're behind on income taxes, covering more than one tax year, which is better: Chapter 7 or Chapter 13?
Would your small business thrive if you could just get some relief from your creditors? Especially the tax collectors? Consider Chapter 13.
You can't keep your refund if you owe for another tax year. But if you discharge (write off) that tax debt, you can keep future refunds.
Keep your refund if it's small (enough) or by not filing bankruptcy until spending that refund (wisely).
The October 15 extended tax filing deadline is now the new April 15 for many Americans. If you owe and canât pay, here are some solutions.
Almost all paycheck garnishment is illegal from the moment your bankruptcy case is filed. Here's what to do in the rare event it happens.
If you lost money through garnishment during the 90 days BEFORE filing bankruptcy, that money may be returned to you or a favored creditor.
You may have assets not protected by the property exemptions. If you owe recent income taxes, surrender the assets so the taxes get paid.
By following 5 steps, you can discharge (write off) more of the income taxes you now owe.
Your tax debt has to jump over 4 hurdles to be forever written off in bankruptcy. But if it does, that tax is history.
"Straight" Chapter 7 bankruptcy can give some relief for dealing with your back and current income taxes, but Chapter 13 can help so much more.
If you were already on the financial edge and just found out you owe a bunch of income taxes, here is how bankruptcy can help.
If you owe income taxes, and are at the point that the IRS is about to seize your assets, you need to consider bankruptcy. It can help in surprising ways.