Chapter 13 vs. Chapter 7 with Income Taxes Chapter 13 is a court-approved payment program which usually takes three to five years to successfully complete. While you might think that being in a payment program doesn't sound nearly as good as simply discharging (legally writing off) your debts in a Chapter 7 case, the fact is that some debts … [Read more...]
Pay off Newer Income Taxes at Your Own Pace through “Adjustment of Debts”
September 7, 2016 by Leave a Comment
Write off Older Income Taxes Through “Straight Bankruptcy”
August 22, 2016 by Leave a Comment
To discharge (write off in bankruptcy) an income tax debt, the tax must meet four main conditions, as follows: 1. Three years passed since the tax return was due? Every income tax obligation has a fixed date for which its tax return must be filed, of course usually by April 15 of the following year. Three years must have passed from that due … [Read more...]
Prevent IRS Garnishments
March 22, 2016 by Leave a Comment
Exceptions Allowing IRS and Certain Other Wage Garnishment in Texas Texas is one of the few states in the country that generally don't allow the garnishment of wages for collection of consumer debts. But there are major exceptions where wage garnishments CAN occur: federal taxes child support and alimony student loans your employer is … [Read more...]
Dealing with Property Taxes through Bankruptcy
June 10, 2015 by Leave a Comment
Bankruptcy can help with your property taxes by 1) writing off your other debts 2) giving you more time to pay while protecting your home. Since Texas has no state income tax, homeowners here pay relatively high property taxes. It is the largest source of funding for all your local governmental services. If you fall behind on property taxes, … [Read more...]
Chapter 13 Can Handle Federal Income Tax Debts
November 18, 2014 by Leave a Comment
Although a "straight" Chapter 7 bankruptcy case can allow you to write off some income taxes, if you owe a lot of recent tax or multiple years of taxes, Chapter 13 is often the best option. Chapter 13 vs. Chapter 7 Bankruptcy with Income Taxes Chapter 13 bankruptcy is a court-approved payment program that usually takes three to five years to … [Read more...]
Property Tax Debt—Another Good Reason to Get Bankruptcy Advice before Selling Your Home
August 7, 2014 by Leave a Comment
Falling behind on property taxes is serious, but not necessarily reason to rush off and sell your home. This continues a series of blogs about why you should get advice from a bankruptcy attorney before selling your home while under financial pressure, this one particularly on getting behind on property taxes. Property Tax—the Superior Lien … [Read more...]
