While there are only a small number of non-exempt debts that cannot be eliminate through bankruptcy, generally back taxes are one of them. And while chapter 13 bankruptcy usually won’t eliminate back taxes, filing for bankruptcy can be beneficial for two reasons: they can give you more time to earn and pay the back taxes,  … Read more

For many the enduring myth is that you cannot realize tax debt relief by filing for bankruptcy. This is actually a false assertion. You actually can have tax debt, including back taxes, interest and penalties as well, discharged with bankruptcy under certain criteria. Consult a qualified bankruptcy attorney to help you determine if your situation  … Read more

Often one of the most common types of debt that individuals fall into is federal tax debt and it can be crippling for them financially. They are often misled into thinking that they can simply file for bankruptcy and this financial problem will go away. More often than not, this type of debt cannot be  … Read more

While a lot of people don’t look forward to tax filing time, many students do in the hopes that they’re going to get a nice sized tax return. It can be a great disappointment if their tax refund is seized because their student loans are in default. This can happen if there has been no  … Read more

If the main debt that you have is back taxes and you are assuming that all you need to do is go bankrupt to get rid of this debt you may find that this is not the ideal solution for you, or even that bankruptcy is able to provide the solution for you. The first  … Read more

If you are in a great deal of debt and it looks like that the only solution for you is going to be bankruptcy it is pretty difficult to even consider any type of tax planning. However, this can have some effects on your bankruptcy. Often a part of the debt load that an individual  … Read more

The tax filing deadline is rapidly approaching and most of us are still scrambling to get our paperwork together and complete our return. While most of us think we are doing a good job maximizing our deductions and reducing our tax liability, the fact is that a large portion of people will miss some key  … Read more

You might have heard that you should keep all of your tax records for at  least seven years. While this rule is a good one for most people, there are some additional considerations for why you may want to keep them indefinitely. 1. Audits– the IRS has a statute of limitations of three years for  … Read more

As tax season approaches you may be growing concerned about  how you are going to pay any taxes that you might owe. Whether you are coming into acquiring tax debt or have been dealing with unpaid taxes for a while, there are solutions. Outside Of Bankruptcy The IRS offers a few programs to help you  … Read more

If you are faced with a significant amount of IRS tax debt, you may be at your wit’s end searching for an answer. Sadly, most tax debt cannot be discharged in Chapter 7 bankruptcy; and even those debts that can be discharged have strings attached. Here are some guidelines for determining whether your tax debt  … Read more