Getting a Handle on Your Income and Business Taxes Through Bankruptcy While Your Business Forges Ahead
Could your small business survive and even thrive if you could just get better terms for payment of your back tax debts?
Protecting Yourself When Your Business Has to Throw in the Towel
If you're seriously considering closing down a struggling business, you are likely very concerned about personal damage control: how do you end the business without being pulled down with it?
Your Sole Proprietorship Business Rescued by Chapter 13
Do you have a small business in your own name that would be successful if it only got a break from its debts? A Chapter 13 case would likely greatly reduce both your business and personal monthly debt service while you continued to run your business.
Income Tax Refunds In a Chapter 13 Case
Chapter 13 gives you more flexibility about what you can do with your current income tax refund. As I said in my... Read More
The Benefits of a “Short Tax Year Election” in an Asset Chapter 7 Case
Your Chapter 7 trustee can use your unneeded assets to pay current-year income taxes if you split the calendar tax year into... Read More
Income Tax Refunds In Chapter 7 Bankruptcy
Can you keep your tax refund if you file a Chapter 7 case? It’s mostly a matter of timing. Here are the... Read More
Writing Off Income Taxes Forever through Bankruptcy
What income taxes can a Chapter 7 bankruptcy completely write off? Chapter 13 lets you pay off certain income taxes much more... Read More
Getting rid of taxes through a Chapter 13 bankruptcy requires you to complete a plan
A Chapter 13 case can be such a good tool for dealing with income tax debt, especially if you owe more than just a year or two of taxes. BUT, you lose those benefits if you don't successfully finish paying off the Chapter 13 plan. So, go into it only if you have both a burning desire to make it all the way, and a truly feasible plan with which to do so.
