Four Hoops to Jump Through to Write Off Income Taxes in Bankruptcy

The conditions you have to meet to write off an income tax debt actually make sense. And understanding those conditions is a lot easier if you understand the sense behind them. In my last blog I introduced the four conditions for discharging taxes in a Chapter 7 “straight bankruptcy,” and said I’d explain them in […]

Writing Off Income Taxes with a “Straight Bankruptcy”

You don’t always need to file a Chapter 13 case—with its 3-to-5-year payment plan–to deal with income tax debts. Thinking that you do is a myth, alongside the broader myth that “you can’t write off taxes in a bankruptcy.” Both have a kernel of truth, which is why they persist. It’s true: some taxes cannot […]

Taxes and Bankruptcy—Debunking a Hardy Myth

No wonder people think “bankruptcy can’t help me with my tax debt.” Even attorneys sometimes perpetuate the myth. A few days ago I saw a video of a bankruptcy attorney being interviewed in what amounted to be an infomercial. He was asked by the interviewer whether there were some debts that can’t be “touched” in […]

Choosing the Right Medicine for Saving Your Home through Bankruptcy

Both Chapter 7 and Chapter 13 stop a foreclosure of your home. One or the other COULD be better for you and your home, but which one is it? Many considerations come into play in deciding whether a Chapter 7 or 13 is better medicine for you.  I could list literally dozens of possible ones. […]

Another Five Ways to Save Your Home through Chapter 13

In my blog last Thursday I gave you the first five of ten big ways that Chapter 13 allows you to keep your home.  Here are the other five.   6. If you need to sell your home, Chapter 13 usually gives you much more time to do so than a Chapter 7 case. More […]

Ten Ways to Save Your Home through Chapter 13

In my experience the number one reason people choose to file Chapter 13 instead of Chapter 7 is to save their home. And it’s not just because it gives you a bigger hammer against your mortgage company. It gives you a hammer, but also a whole bunch of other tools. Some are more subtle but […]

Debts with Collateral–THE Fixation of Many Bankruptcies

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.

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