WHY BANKRUPTCY SOMETIMES GOES WRONG
When faced withmounting debts to the IRS, there are six things you can do:
1. You can pay them 2. You can get an installment agreement 3. You can file an offer in compromise 4. You can place your account in the Currently Not Collectible Status 5. You can do, well, nothing (not advisable)
There are several exceptions. For example, if you have back taxes that were due within the last three years, bankruptcy won’t be able to touch those debts. And there are other stipulations as well. To be dischargeable, debts have to be due more than three years ago; you have to have filed your tax returnmore than two years ago; and the tax must have been assessedmore than 240 days ago. Not only that, but you have to have a record clear of any attempt to defraud or lie about your finances. This makes timing an important consideration during bankruptcy. Sometimes, if you wait just 60 days, youmay have a large sumof money, which would otherwise not be dischargeable, completely erased. Bankruptcy may well be the perfect option to get out fromunder your crushing debt. But before you file, check out the exceptions to discharge in section 523 of the federal bankruptcy code. Or better yet, skip the legalese and give the LawOffices of Steven A. Leahy a call at 312-664-6649 today!
The sixth option, and the one I want to discuss today, is scary tomany people, but in the right circumstances, it can be the perfect move: filing bankruptcy.
Many people who are having problems with the IRS are havingmoney problems elsewhere. Maybe they can’t make their mortgage payment, can’t pay their bills, and the debt is just piling up on all sides. So, they seek out protection frombankruptcy laws to get out fromunder debt, assuming that once they eliminate the debt, those IRS problems will disappear.
Inmany situations, bankruptcy will work perfectly. But some of these people are in for a rude awakening. The fact is, not all tax problems are dischargeable in bankruptcy.
MEMES Don't forget to listen to the IRS Radio Hour every SUNDAY AT 5:00 P.M. ON AM 560 THE ANSWER
Ame r i can Bus ine s s TRIVIA
3. Which president is
1. Which president is on the United States $1,000 bill? A. GeorgeWashington
believed to be the first to pardon a turkey and start this annual tradition?
B. Grover Cleveland C. Andrew Jackson D. Zachary Taylor 2. What was the only product ever
A. President Lincoln in 1863 B. President Roosevelt in 1939 C. President Harry Truman in 1947 D. President Ronald Reagan in 1984
promoted by Elvis Presley in a television commercial? A. Guitars B. Suits
C. Radios D. Donuts
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