If you contemplate filing bankruptcy and owe back taxes to the IRS, you may have heard that Chapter 7 will not discharge tax debt. While generally true, Upsolve.org reports that Chapter 7 can discharge some income tax debts under some circumstances. To make your IRS...
Tax Debt
Are you being targeted by debt collector harassment?
As a resident of Maryland, you may be looking into debt relief options. Your decision-making process could get impeded or sped up due to the harassment you may be facing at the hands of debt collection agencies. Though it is illegal for debt collectors to harass you,...
Tax debts and Chapter 7 bankruptcy
Perhaps tax debt contributes to your overwhelming financial pressures, and you wonder whether filing a Chapter 7 bankruptcy can help. The answer is, it depends. Here are some of the factors that affect whether a bankruptcy court will discharge the tax debt. The type...
Repairing credit after bankruptcy
For many individuals who find themselves in overwhelming debt due to unexpected medical bills or unpaid tax debts, bankruptcy offers a fresh start and a way to begin recovering financial stability. While filing for bankruptcy may lower an individual's credit score...
What are signs of debt collection abuse?
Unexpected medical bills, job loss and economic uncertainty are just a few of the things that may cause you to feel overwhelmed by debt. If you are unable to pay some bills for a while, those balances may go to a debt collection service. Unfortunately, many collectors...
What happens to my credit score if I do not pay my tax debts?
Medical bills and student loans get a lot of media attention when it comes to the collective American debt. What people do not hear enough about are the Americans struggling to repay hefty tax debts to the IRS. Does this describe your situation? When people have big...
What is the best way to avoid owing the IRS money?
No matter the time of year, it is always best to think about the upcoming tax season. Being caught unawares could result in you owing the IRS money rather than receiving a refund check. To help, the Nest provides several ways to keep your tax bill as low as possible....
What are some basic facts about discharging tax debt?
The intimidating power of the IRS can make it seem there is no way to escape the burden of mounting tax debt even with bankruptcy. However, that is not the case. It is possible to successfully discharge some tax debt by going through bankruptcy in Maryland, though it...
What should I know about filing taxes during bankruptcy?
Filing your taxes is often confusing. It becomes even more so after filing bankruptcy in Maryland. There is one part of the tax law that may concern you a little in regards to your bankruptcy and the discharged debts. According to U.S. News and World Report, the IRS...
What qualifies federal taxes for discharge?
Whether tax debt can be discharged in bankruptcy is not always clear. Maryland residents may be stuck with paying off tax debt even after they complete bankruptcy. However, no matter whether you file for Chapter 7 or Chapter 13 bankruptcy, it is possible to get rid of...