The simple answer is yes. Filing bankruptcy will stop the sale of the property – if filed before the time of the sale and the taxing entity is notified of the bankruptcy filing. If a person is substantially behind on his or her property taxes, he may want to file a Chapter 13 which gives the him [...]
Tax Debt
Here is a list of the top 10 types of documents you should keep for tax purposes. Proof of income can be established by a W-2 form or a 1099. Bank account statements and credit card statements show a history of account transactions. Invoices and payment receipts and canceled checks show how much is owed [...]
Don’t put off filing your income tax returns because you can’t afford the fees of the tax preparers. If you access to a computer and the Internet, and you make less then $56,000 annually, you can file your federal tax return online for free using the Internal Revenue Service program called Free File. The software [...]
Conventional wisdom and prudent financial planning caution against borrowing against a 401(k) retirement account for anything other than emergencies.  A post by Dana Wilkinson on Bankruptcy Law Network similarly urges caution in using 401(k) loans to pay off dischargeable credit card debt. Now, given last year’s overwhelming decline in investment portfolio value, people who borrowed [...]
Bankruptcy may be a better solution, for a consumer with too much debt to pay, than a negotiated settlement with the creditors. Debt settlement companies will probably not tell you this, but you could end up owing tax if you settle with your creditors for a discount rather than discharging debts in bankruptcy. The IRS [...]
