2007-01-19 10:59:14 · 5 answers · asked by billie c 1 in Business & Finance ➔ Taxes ➔ United States
Uncle Sam always gets his man, I mean money.
You can file BK but it won't excuse the debt for taxes. They file any and every kind of lien on you and/or garnish from wages.
2007-01-19 11:16:34 · answer #1 · answered by Lee P 2 · 0⤊ 1⤋
LOL. If you don't have enough money or having a hard time making ends meet you may file a personal bankrupty to stop everyone you owe from going after you. If you do you will have a bad credit record and will not be able to hold a credit card or get a loan for 7 years. Keep in mind every country has different ruling.
You might like to consider debt consolidation. That way you only have to pay one creditor .
2007-01-19 11:06:12 · answer #2 · answered by hurt 3 · 0⤊ 2⤋
federal taxes older than 3 years can be discharged in a chapter 7 bankruptcy. a chptr 13, repayment plan, involves making a repayment schedule with the trustee.
2007-01-19 11:23:20 · answer #3 · answered by ny2fl 2 · 0⤊ 0⤋
If you cannot pay, bankruptcy is an option. However, Uncle Sam is the absolute first person on the list to be paid. In most states, you will have to take out equity in your house to satisfy taxes in arrears.
Unless your situation is very, very desperate, I don't recommend it.
2007-01-19 11:05:35 · answer #4 · answered by John T 6 · 0⤊ 0⤋
I love this site: irstaxattorney.com/. Go to irs.gov, then select the site map 4 details hard 2 find. Here is some to possibly glean some info on: http://www.irs.gov/pub/irs-wd/9911042.pdf
Don't let the irs scare you.!
2007-01-19 11:08:56 · answer #5 · answered by Naomi 2 · 0⤊ 0⤋