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Taxes & Bankruptcy

Insider’s Guide to Income Taxes in Bankruptcy

Taxes & Bankruptcy

By now you should be celebrating the end of Tax Season and you have either filed your tax returns or an extension of time, if you owe taxes.  Now that you know you owe the IRS, what are your options and how do you deal with the IRS? Well, that depends on a lot of […]

Bankruptcy Lawyer Publishes Book to Help Consumers Become Debt Free

Bankruptcy Law Overview, Chapter 7, Debt Collections, Student Loans & Bankruptcy, Taxes & Bankruptcy

The book, 5 Steps to Freedom From Debt, published on Amazon on August 29, 2014 promises to deliver a simple system that anyone can follow to make the right choice to eliminate uncontrolled debt. It is essentially my consultation in an expanded version and in writing.  In this book I provide the process I take […]

IRS Tax Bankruptcy

Chapter 13, Chapter 7, Taxes & Bankruptcy

Do you owe taxes?  Many who do find themselves facing federal income tax collections and incur penalties, fines, bank levies, or even tax liens when the IRS pursues collections.  Did you know that some taxes can be eliminated and discharged through bankruptcy?  Did you know that bankruptcy can potentially remove tax liens? There are Five […]

Can I Keep My Income Tax Refund In Bankruptcy?

Taxes & Bankruptcy

Are you one of those people that gets a large tax refund every year and you pay bills; or take a vacation with it?  You’re providing the federal government with a free, no interest loan on YOUR money if you do. MSN posted this article, How to Adjust your Tax Withholdings, which provides a step-by-step […]

Bankruptcy Can Be Cheaper, Better, and Faster than Debt Settlement

Bankruptcy Law Overview, Chapter 13, Chapter 7, Taxes & Bankruptcy

I know what you’ve been told because I have heard it all too.  The government wants you to do your very best to avoid bankruptcy at all cost.  Bankruptcy is bad; or at least, a harsh remedy to dealing with debt, and should be your last resort.  We have all bought into this ‘agreement reality’ […]

Can I Fund My IRA Before I File For Bankruptcy?

Bankruptcy Law Overview, Chapter 13, Chapter 7, Exemptions, Taxes & Bankruptcy

Let’s talk about your retirement accounts as they relate to your decision to file for bankruptcy.  There are many varieties and vehicles for retirements savings that include pensions, 401k, 403b, IRA and Roth IRA accounts.  Perhaps there are others that I am not aware of.  As I have said before, DO NOT CASH OUT YOUR […]

Don’t Settle Debts Before Filing Bankruptcy

Bankruptcy Law Overview, Chapter 13, Chapter 7, Taxes & Bankruptcy

The only reason you should negotiate directly with your creditors, is to avoid bankruptcy.  Remember that working with debt settlement companies is both costly and detrimental to your finances and will likely land you in my office filing for bankruptcy.  If you want to avoid bankruptcy, work directly with your creditors for an agreement on […]

Tax Consequences of Restructuring Bad Debt

Bankruptcy Law Overview, Chapter 7, Foreclosure, Taxes & Bankruptcy

The November, 2009 issue of ABA Journal article entitled, The Bad-Debt Blues, explained the need to take federal taxes into consideration when restructuring debt as, “crucial.”  The article provides an excellent overview of the federal tax rules that apply to debt workouts, and focuses on the impact to individual debtors. The recent media blitz touting […]

Federal Income Tax in Chapter 7 Bankruptcy

Chapter 7, Taxes & Bankruptcy

Generally, taxes are treated the same as other debts in a chapter 7 bankruptcy case.  Taxes may be treated as secured, unsecured, or non-priority unsecured, or some combination.  IRS Code, found in 26 U.S.C. 6321, states that the government is secured if it has recorded a notice of lien.  Taxes that have been recorded as […]