 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
IRS tax vs bankruptcy
At the young age of 73 years ,I find myself in a one heck of a spot.
Due to health problems for my wife and I, we have accumulated a $35,000 tax debt with IRS. Due to our financial condition they put me on a $75 a month payment plan. Problem is the interest and penality out weighs the monthly payment. Since I own my home the IRS placed a lien on it so if it sells , they get their 35K. I tried to get an equity loan but since the housing market is sagging, I was refused. QUESTION: Am I a candidate for bankruptcy? If so, what are the pros and cons? Thanks Capt Jim (ret) Irving,Tx |
||||
|
||||
|
I'm 60, recovering from Traumatic Brain Injuries sustained as the pedestrian victim of a hit-and-run incident. What I have learned since Feb.2,08 is this:
A. Bankruptsy does not releave one of IRS debt. B. IRS can take a small (15%) percentage of SSI and any income you have while disabled. C. I don't believe they will make you or your wife homeless. D. When you pass away, they get their money from your estate.. (Yes, we pay taxes even after death.. ) E. Whatever real property one has, is theirs at the most favorable rate possible,. for them. I was a U.S. Marine in VN for 8 years... mostly I Corps. in Hue during Tet of '68. None of that seems to matter. Good luck. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Is Bridgeport Bankrupty online service a good company to file Bankruptcy. Are there any major reported complaints, like not filing Bankruptcy properly or at all.
I dropped out of law school (I didn't graduate) and so I owe $100,000 in private student loans and federal student loans. I also have about $25,000 in credit card debt. $1200 for an ambulance ride. How, if at all can I dump some or all of this debt? I sold my car to pay rent. I have about $10,000...
If I file bankruptcy before I get married will this affect my spouse?
Hi, I hope I'm in the right forum. I read around and this seemed to be the pick. If I missed the right forum, I apologize. I spoke with an elderly aunt of mine this am and she is considering filing bankruptcy on a particular credit card. She's on a fixed income and the interest is killing...
I filed bankruptcy. I listed all creditors. The trustee had a meeting of creditors. My X- husband showed up contesting my having him on the list of creditors (it was not for spousal support, but some common bills) The Trustee threw him out as he was not very polite. My Bankruptcy was granted...
View more questions Search
|
