When the IRS places a tax lien against your property, a bankruptcy may not remove or discharge it. As reported by Credit.com, tax debts have a 10-year statute of limitations from the date of assessment. The IRS may collect the amount that you owe until the SOL expires...
Tax Debt
Working with the IRS after bankruptcy
You may file for bankruptcy because you cannot pay your federal taxes. There are several things that you should understand when you choose this route. When you file for bankruptcy, you usually compile a list of your creditors. The Internal Revenue Service says that...
How could bankruptcy affect my outstanding tax debts?
Bankruptcy rarely discharges an individual's unpaid tax obligations. If you can prove an unusual financial hardship, however, the court may consider discharging certain tax debts. As noted by Credit Karma, taxes more than three years old could have a chance of ending...
What do you know about offers in compromise for tax debt?
You want to dig yourself out from under a mountain of tax debt, but maybe you do not know all your options. What if you could settle your debt for less than the full amount owed? The IRS explains how an offer in compromise works. Paying your full tax debt does not...
How does bankruptcy affect tax debt?
Under many circumstances, it is not possible to discharge tax debt during bankruptcy. For example, most chapter 7 filings require payment of tax debt first, making them a priority among other types of debt. Despite these standards, it is sometimes possible to...
How does debt collector harassment differ from misrepresentation?
The Fair Debt Collection Practices Act (FDCPA) serves as a way to protect people like you from falling victim to unfair collection practices on the part of debt collectors. Unfortunately, they sometimes utilize underhanded, coercive or even threatening tactics in...
Is this debt collector misrepresentation?
When dealing with debt collectors, misrepresentation is likely not the first concern that springs to mind. Most people fear harassment instead, as this often involves actual physical threats or the use of crude and vulgar language. However, the Fair Debt Collection...
How do you change your credit card spending behaviors?
Dealing with debt is a difficulty no one wants to face, and it can take a long time for you to dig yourself back out of it. Needless to say, once you gain your footing again, the last thing you want is to end up in a position where you fall back into debt. So how can...
Who collects tax debt?
If you fall behind on paying your taxes, you will end up with tax debt that the government will keep trying to collect. You cannot get rid of this debt through bankruptcy, so you have to take it seriously. The IRS is not in the business of trying to collect the debt...
Talking to your family about bankruptcy
When you decide to file for bankruptcy protection in Maryland, you may encounter experiences where your family and friends ask about your situation. Bankruptcy is nothing to feel embarrassed about and can actually provide new opportunities for a brighter future....
