If a taxpayer has income of 100 to 500 thousand dollars a year or even higher and owes tax debts he or she cannot pay, can a chapter seven bankruptcy be filed to discharge the taxes? Secrets exposed – Yes! There are some hoops you have to go through: the taxes must be income...
There was a time the IRS and State taxing agencies could not be sued for overzealous or unlawful collection pre or post bankruptcy; this was the doctrine of sovereign immunity. On October 22nd, President Clinton signed the Bankruptcy Reform Act of 1994.  This law contained...
The Bankruptcy Code prescribes five rules that apply to discharging income and non-trust fund taxes in bankruptcy. They are: 1. The Three year rule on timely filed tax returns - Section 507(A)(B)(A)(i) 2. The Two year rule on late filed tax returns - Section 507(A)(B)(A)(1)...
The IRS is difficult about releasing bank levies. A bird in the hand is worth two in the bush to them. The Government is under tremendous financial pressures because of it's deficits and debt. Once the IRS has it's hands on the money, it is reluctant to release it. It is not...