Chapter 13 bankruptcy offers a debtor the chance to pay off their debts or liabilities in installments. If your IRS debt did not qualify to be discharged, you can propose a repayment plan to the IRS as you would for other debts. However, the repayment plan cannot exceed five years. This ...
For some people, filing for bankruptcy makes the most sense – whether they opt for Chapter 7 or... Read More What Happens At A Meeting Of Creditors In Bankruptcy? Those who are considering filing bankruptcy may be confused by all of the different steps to the bankruptcy process. One of ...
Yes, some federal IRS tax debts can be discharged in a personal bankruptcy. Bankruptcy Code Section 523 provides exceptions to the general discharge order entered pursuant to Section 727 (Chapter 7) or Section 1328 (Chapter 13). Section 523(a)(1) does not discharge a taxpayer from income tax...
If the IRS files a substitute for a return, you permanently owe the tax, it generally cannot be discharged in bankruptcy. What is the Collection Statute Expiration Date (CSED)? The Collection Statute Expiration Date (CSED) is the deadline for the IRS to collect a tax debt. It is typical...
Bankruptcy and Tax Debt Repayment:In Chapter 7 bankruptcy, non-dischargeable tax debt will still need to be paid in full after the bankruptcy process concludes. In Chapter 13 bankruptcy, tax debts can be included in a repayment plan based on your ability to pay. The repayment plan will outli...
In its response, the executor also filed a voluntary Chapter 7 petition seeking to discharge any debt owed to the IRS. In its verdict the court ruled that though the federal law controlled the fiduciary concept for bankruptcy code purposes but the Texas common law in combination with Texas ...
Tax Debt Advisors, Inc. has settled nearly 11 tax debts each day since our beginning in 1977. Our business is family owned and operated. We have no employees. You will only work with Scott Allen E.A. When you call our office, ask to speak with Scott Allen E.A. Scott will handle yo...
If you are facing overwhelming debt, we encourage you to contact our office and speak with an experienced bankruptcy attorney about your financial problems. Our firm handlesChapter 7andChapter 13bankruptcy cases and also represents clients with foreclosure defense, stopping car repossession, ending wage...
Bankruptcy (Chapter 7 and Chapter 13) IRS Audit and Debt Resolution (Offer in Compromise, Lien Releases, Due Process Appeals & Installment Agreements) Elder Law and Estate Planning (Wills, Living Trust, Power of Attorney, Living Will &
Belated Argument to Carry Back Losses Won’t Erase Tax Debt 12/20/2024 A U.S. district court reduced to judgment an individual's federal income tax assessments, denying his attempt to carry back losses from 2011 to the date of assessment in 2006 and noting that even if he had proffered...