The North Carolina Bankruptcy Information Blog

As we’re all aware, this decade’s Great Recession has dealt, and continues to deal, a significant blow to the budgets of many American families, leaving millions in debt, underwater in their mortgages, and in some cases falling behind on their tax bills, adding to their economic unrest.

So, even though tax day 2012 is weeks away, and the holidays may already have your full attention, it’s worth noting that there are some timely tips you can take between now and Dec. 31 that will make a real difference when it comes time to deal with the IRS next spring. In part one of its two-part report, according to AOL’s DailyFinance, there are four moves that could benefit your bottom line, and keep the tax man at bay, on April 15.…

As we’re all aware, this decade’s Great Recession has dealt, and continues to deal, a significant blow to the budgets of many American families, leaving millions in debt, underwater in their mortgages, and looking for any means necessary to get back on a financially-healthy course.

Now, tax time is yielding another short-term problems for some cash-strapped citizens.

With tax deadlines just a few weeks away, tens of millions of taxpayers will owe the government. If you’re one of those taxpayers who owes in 2011 for the income of 2010, and find you cant pay, here are five tips to file away for your reference:

1.…

Let’s say you file a Chapter 13 bankruptcy petition in a given year. You state in your petition that you owe state income taxes for the previous year and give an estimate of that amount. The bankruptcy court confirms your plan. You then file your state income tax return, showing you owe even more than you stated in the plan, and you don’t pay the taxes. You successfully complete the plan over the next few years. The bankruptcy court issues a discharge order, declaring you free of all debts under the plan. Everything seems fine: you’re ready to put your troubled financial past behind you and move on with your new life.…

You may have heard that, even if you file for bankruptcy protection, you will not be able to discharge income taxes. This is simply not true. If the taxes are old enough, you may be able to discharge all or most of your tax debt. In many cases, tax liability will not be dischargeable because the debt is too new, as explained below, or because the taxes owed are in one of the categories which cannot be discharged according to the Bankruptcy Code.

As you may have discovered, the government has some powerful means to collect on taxes owed. Apart from taking tax refunds in order to apply them to taxes owed, the government can garnish your wages, place a lien on your assets, or even seize property like your bank accounts, your house, or your car.…

Are you one of the thousands of people across the country who got caught up in the turmoil of the home mortgage meltdown? Are you afraid of losing your home and wondering what to do? First ask yourself whether you want to save your home or whether you are willing to let it go.  Whichever decision you make, bankruptcy can help you and your family with a fresh start.

If You Want To Save Your Home

If you want to save your home, you have a number of options. You can work directly with your lender to renegotiate the terms of the loan to lower your payments.…