| Having Financial Trouble? One of my favorite myths | | | | your Bankruptcy ends up getting denied (the official |
| about tax debt is that you can get rid of it in a | | | | term is dismissed) you will still owe the original IRS debt |
| Bankruptcy. Let me be honest with you. The IRS eats | | | | plus interest and penalties!o The time that you're in |
| Bankruptcy attorneys for lunch. Bankruptcy attorneys | | | | Bankruptcy extends the Statue of Limitations on your |
| are not familiar with the intricacies of the IRS. They | | | | IRS tax debt. The Statute is the amount of time the |
| may promise your tax debt will be discharged, and will | | | | IRS has to collect your debt. It's normally 10 years, but |
| even try to include it in your Bankruptcy...but unless you | | | | a Bankruptcy increases that time limit giving the IRS |
| know the facts you're going to still owe the most | | | | more time to get your money.o If you have an IRS tax |
| powerful collection agency in the world. And I was | | | | lien it stays on your credit for 10 years from the time it |
| always very patient; because I knew I would get that | | | | was placed regardless of whether your debt was |
| money. | | | | settled. Even if we didn't get our money, we got their |
| Exploding the Myth! I'm going to share my knowledge | | | | credit. |
| about Bankruptcy with you from my time with the | | | | What would the Hit-man do? Since I've worked on the |
| IRS.o You can not include any years filed less than 3 | | | | other side, helping those that are in tax debt...I |
| years ago. For example if you're filing Bankruptcy in | | | | recommend getting the assistance of a tax |
| 2007, then the last tax year you have debt from that | | | | professional if you have any doubt about including the |
| you can include would be 2004. The taxes for that | | | | tax debt in a Bankruptcy. Besides, if your financial |
| year had to have been filed on time, no extensions; | | | | situation is so grave that you're filing Bankruptcy you |
| and you had to have filed it. If the IRS filed the return | | | | may qualify for a lower settlement amount for your |
| for you then no dice.o Interest and penalties continue | | | | debt. Now you have the smoking gun...Use it! |
| to accrue during the length of the Bankruptcy. So if | | | | |