As a general rule, student loans are not dischargeable in bankruptcy. In a Chapter 7 bankruptcy, student loans are not effected at all except that the lenders don’t take action against you during the brief time before your chapter 7 is completed, anywhere from about 6 to 18 months with most tending to be nearer […]
Foreclosure Help: Colorado Springs
If your home is in foreclosure and you want to keep it, there are several possible remedies: Sometimes it is possible to do a workout agreement or a refinance with the mortgage lender. Be aware however, not to trust the mortgage company very far. What we usually see happen is that the lender will ask […]
How to Erase your IRS Tax Debt
There are only 4 ways of eliminating your IRS debt: 1) Paying it, 2) Waiting until the statute of limitations for collection has expired, 3) Successfully presenting an Offer in Compromise or 4) Discharge in Chapter 7 or Chapter 13 Bankruptcy. Each of these carries positive and negative consequences to you. If you pay it, […]
How to discharge taxes with Bankruptcy
There are 2 types of bankruptcy generally available for most taxpayers: Chapter 7 & Chapter 13. To discharge taxes with a Chapter 7 bankruptcy you must have timely filed the returns. And the tax must be greater than 3 years old and was assessed more than 2 years prior to the filing of the bankruptcy. […]
Late-filed Tax Returns & Bankruptcy – Bad Blood
When you don’t prepare & file your own return and the IRS has evidence that you owe taxes they can assess the tax against you without your agreement under 26 USC ยง 6020(b). This assessment is called a “Substitute for Return” (SFR). But, this is not considered a “return” by you since you didn’t […]