Chapter 7 can prevent future income tax lien recordings against your home, if the tax is truly dischargeable and you have a no-asset case.
Chapter 7 can prevent future income tax lien recordings against your home, if the tax is truly dischargeable and you have a no-asset case.
Bankruptcy can prevent future income tax lien recordings against your home. The result: paying nothing on the tax vs. paying it in full.
Do you expect to owe income taxes for the 2018 tax year? Starting January 1, 2019 you can wrap that tax into a new Chapter 13 payment plan.
Can anything about taxes ever be fun?! We honestly think this is interesting stuff. Happy April 15th!
To avoid owing income taxes April 15 of NEXT year, file a partial-year tax return and pay the tax on it through your Chapter 13 case.
Bankruptcy protects your home. Both Chapter 7 and 13 do so, but which is better for you?
Don't disregard bankruptcy as an option just because it does not write off the debt which is your immediate headache. There's likely some good medicine for that headache after all.
Your vehicle loan, home mortgage, account at the appliance or electronics store, and maybe a debt that's resulted in a judgment lien--these debts with collateral are the ones that grab the most attention during a bankruptcy case. And that includes the attention of the creditors, very interested in "their" collateral.
A short sale of your home is sometimes your best alternative. But short sales often do not successfully close, and even when they do you may get a rude surprise.