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Back Taxes

July 12, 2010

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Today TaxMama hears from Ericka in the TaxQuips Forum. She tells us, “I owe $39,000 in back taxes. I  have to file 2 years’ returns  to  be  in  compliance  with  the  IRS, then I  can  try  for  an  offer  in  compromise.  My  question  is,  would  filing  chapter  13  be  better?  I  don`t  have  any  dependants;  and  [...]

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Bankruptcy and Marriage

July 7, 2010

Today TaxMama hears from William in Houston who just filed bankruptcy. He has two questions. “I currently owe IRS approximately $2,500.  I was wondering if that debt qualifies for my bankruptcy (my lawyer was somewhat vague on it)? And if I get a refund in the spring for my 2010 taxes can the IRS still [...]

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Bankruptcy & Freedom

May 9, 2010

Reprint of article from July 2003
And speaking of Independence Day ….
I just got off the phone with a friend. She’s decided to file bankruptcy.
This was a very long road for her. Like other friends, she’s a very moral person. In our generation, bankruptcy is not something we take lightly. It’s not just a casual discarding [...]

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Bankrupt Without W-2

February 4, 2010

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Today TaxMama hears from Andrew in TaxQuips forum, with this problem. “I worked for a company that went bankrupt; now I’m not getting a W-2. I didn’t keep my final pay stub. I have no way of knowing how much I made while working for the company. What now?”

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More about Tax Bankruptcies

January 13, 2010

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Today TaxMama hears from Enrique in California, who just learned something new. “I read that one can file for tax bankruptcy. If so how does one go about it? I was not sure if was true or not, and I saw your web site along with the article I read. Any help will help.”

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Bankrupting Credit Cards

December 1, 2008

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Today TaxMama hears from Maria in California who is concerned . “My husband and I are considering filing for bankruptcy. Can we be prosecuted for going bankrupt on a credit card we used to pay our taxes with a couple of years ago?”

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Dump Tax Debt

September 17, 2008

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Today TaxMama hears from Bill in Nevada who tells us. “I have a tax lien from year 2000. This was a debt that was awarded to my ex in our divorce. At the time of divorce the debt was around $500. She got it down to less than $200. and stopped paying on [...]

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Foreclosure

January 30, 2008

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Today TaxMama hears from Sasha in Georgia who tells us. “In 2007, I had a foreclosure on my condo in April. In August I filed for Chapter 7 bankruptcy. I received my discharge in December. This year, I received a form 1099-A from my mortgage company. I’m not sure if I have to declare [...]

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Chapter 13 Tax Discharges

November 20, 2007

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Today TaxMama hears from Mark in Arkansas, who wants to know, “I have filed a Bankruptcy Chapter 13 repayment plan. Can I have my taxes dismissed in a “tax bankruptcy” even if they’re already in included my Chapter 13 filing?”

Dear Mark,
Chapter 13 bankruptcy is like a personal re-organization. You get to reduce some [...]

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