Tax Debt

Overwhelming consumer debt and unpaid tax debt can feel like a one-two  punch. To recover from the consumer debt hit, some consumer debtors must pass a means test and prove they are poor enough to qualify for bankruptcy relief. This can be a problem if household income is above median for the state. But, the […]

There are a lot of mistakes you can make at tax time.  One of the biggest–in fact, it is absolutely the biggest–is to fail to file your return on time.  That particular mistake can also cost you if you are in bankruptcy, or if you need to file bankruptcy. The temptation not to  file a […]

Federal bankruptcy and appeals courts have become confused about what a tax return is for bankruptcy discharge purposes. A recent decision has taken the position that a return is not a return when it is filed late. Thus, income tax does not qualify for discharge in bankruptcy when the tax return is filed after the […]

Ahh, the New Year is always such a special time.  No, not because of The Super Bowl – because it’s tax season!  So, tax season is a good time to review the dischargeability of income taxes in bankruptcy. While this analysis is a good rule of thumb, reviewing your specific tax situation with an experienced […]

How do you know when it’s time to consider bankruptcy?  Are your finances in bad enough shape to justify filing bankruptcy?  Too bad for it to matter?  Not bad enough to even consider it?  Here are some factors I think are important in deciding whether it’s time to explore whether bankruptcy is an option for […]

Chapter 12 farm bankruptcy helps family farmers to keep their farms.  It allows family farmers to reorganize their finances and operations. Chapter 12 was originally enacted by Congress in 1986, and was made permanent in 2005.  It helps the farmer and the banker to sit down and work out alternatives for debt repayment. But according to […]