Federal Income Tax in Chapter 7 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...
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Tax Consequences of Restructuring Bad Debt
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...
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Don’t Settle Debts Before Filing 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...
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Can I Fund My IRA Before I File For 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...
View ArticleBankruptcy Can Be Cheaper, Better, and Faster than Debt Settlement
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...
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Can I Keep My Income Tax Refund In 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...
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IRS Tax 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...
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Bankruptcy Lawyer Publishes Book to Help Consumers Become Debt Free
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...
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Insider’s Guide to Income Taxes in 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...
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