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How Does Bankruptcy Affect Tax Debts?

How Does Bankruptcy Affect Tax Debts?

If you are past due on your federal or state taxes, bankruptcy may be an option for you. Filing for bankruptcy can help reduce or even eliminate some tax debt. The rules associated with bankruptcy and taxes can be complex, so it is important to understand the...

Are Chapter 13 Plan Payments Tax Deductible?

Everyone loves saving money on their taxes, and Chapter 13 debtors are fully eligible to take certain tax deductions if their plan payments are comprised of deductible items. For instance, most 30-year home mortgages are not only front-loaded with interest payments,...

How to Reverse a Tax Foreclosure Sale in Georgia

Reversing a Georgia foreclosure initiated by the bank that holds the mortgage on your home is not possible. In other words, once the sale is actually cried out on the courthouse steps and sold to the highest bidder, there is almost nothing you can do to reverse the...

What You Need to Know About Tax Liens and Bankruptcy

In bankruptcy court, the IRS is a creditor like any other, with a few key differences that make it a bit more difficult to wipe out tax debts compared to the debts of credit card companies and other unsecured creditors.  Tax debt is, at first, unsecured, meaning that...

Tax Penalties in Bankruptcy

If there is one debt you do not want, it is tax debt.  The government can be one of the most ruthless collectors. The IRS puts other creditors to shame with the power it wields in its ability to make your life miserable, and tax penalties that accrue on back taxes can...