The Effects of an Income Tax Lien
Try to file bankruptcy before an income tax lien gets recorded. But if you can't, here are the effects of a tax lien under Chapter 7 and 13.
Priority Income Tax Debts under Chapter 13
Chapter 13 gives you huge advantages for paying off your priority income tax debts. You're protected while you pay what you can afford.
Priority Debts in No-Asset Cases
Priority debts are largely unaffected by a Chapter 7 case--it does not discharge them, so you need to pay them after finishing your case.
Priority Debts in an Asset Chapter 7 Case
Your Chapter 7 trustee may pay your priority debts--in full or in par--through the proceeds of the sale of your unprotected, not exempt assets.
Priority Debts
One of the most important aspects of bankruptcy is that all debts are not equal. "Priority" debts are treated special in a number of ways.
Chapter 13 Is a Very Useful Tool for Tax Debt.
Here's why you usually don't pay more in a Chapter 13 case to get rid of taxes that you could simply write off in a Chapter 7 case.
Our Total U.S. Government Debt–Stacked on a Football Field
If you covered every square inch of a standard football field with stacks of crisp $100 bills, how high would those stacks reach to match our national debt?
More Fun Tax Facts–the Wealthiest 400
Found so much interesting about taxes that wouldn't fit into our last blog, so had to give you more. Such as the income and taxes of the wealthiest tax return filers.
Fun Tax Facts
Can anything about taxes ever be fun?! We honestly think this is interesting stuff. Happy April 15th!
Use Ch. 7 or Ch. 13 to Resolve Your Tax Debts
If you had struggled to keep a business open, but have decided to throw in the towel, there's a good chance you owe taxes. Here's how to deal with them.
The “Automatic Stay” Applied to the IRS
The IRS is just another creditor that you can get immediate protection from by filing bankruptcy. With some exceptions.
Historical and Personal Facts about Income Taxes
With the income tax return filing deadline of April 15 now one month away, here is our effort at making taxes interesting.
Chapter 13 for All the Advantages it Gives You For Completely Resolving Your Income Tax Debts
If you can't discharge your income tax debt through Chapter 7, or make workable payment arrangements on your remaining tax debt, then Chapter 13 can be a good solution
Paying Part or All of Tax Debt via an “Asset” Ch. 7
Give gladly to your Chapter 7 trustee assets that you don't need, if most of the proceeds of sale of those assets are going to pay your taxes.
Chapter 7 Bankruptcy Helps You SETTLE Your Income Tax Debt
Even if a straight bankruptcy would leave you owing some or all your income taxes, it may position you well to settle those taxes with an Offer in Compromise.
