Okay we lost a home due to foreclosure and have been informed to file bankruptcy on this debt before they try to take wages. Exactly what happens when you do this? Someone told me they will auction off your furniture kids toys anything you have pretty much. Including you won’t get tax returns for the next 3 years, it will all go to creditor. Is this correct? Any advice or anything else valuable to know? Thank-You so much in advance.
I have completed all my back tax returns but have not yet filed them (2005-2008) and have come up with a tax owed of around ,000 which will surely be at least -,000 by the time penalty and interest are added in. My 2004 returns shows me owing ,000 and the IRS has already started the levy process against my personal income last week but made an error on the form so I have dodged a bullet until they get it corrected.
I spoke with the IRS this morning and told them how much my gross and taxes were for the 4 years I haven’t filed and they have asked me to fill out a collection information statement form 433F and have given me until Monday to call them back and give them the info on the phone.
Due to some huge unpaid medical bills, my debts outweigh my assets by at least 3 to 1 (assets ,000, debts including ,000 tax are around 0,000).
I have around ,000 cash saved, and ,000 equity in my house but cant find a lender because my credit is terrible.
Any suggestions? Will the IRS be able to give me an installment plan or could I opt for an offer in compromise? Or is bankruptcy an alternative?
I have never been in such a poor financial condition in my life.
Thanks.
Can I possibly do and offer in compromise? I realize now that federal taxes can not be discharged in a bankruptcy. Can the IRS do an installment agreement for ,000 or is the maximum ,000?
Thanks for all the advice but please get off your pulpits. Facts only please, no criticism. I know the situation I am in and how i got here. You dont need to remind me and/or accuse me. I just came here for answers. So lets stick to the answers people.
Any answers about the possibility of Offer In Compromise?
Can I do an installment contract for ,000 if I can pay it within 3 years?
AFTER I FILE ALL RETURNS DUE AND OWE ,000, CAN I GET AN INSTALLMENT AGREEMENT? IS IT POSSIBLE?
My father is filing for bankruptcy and needs his tax returns for 2006 and 2007. His wife filed online and she is now in the hospital and unable to speak to us. So we need to know how to obtained them.
My father is filing for bankruptcy and needs his tax returns for 2006 and 2007. His wife filed online and she is now in the hospital and unable to speak to us. So we need to know how to obtained them. We are in PA
My wife and I are wanting to declare bankruptcy and our lawyer is asking us for our last 2 years tax returns.
We have one, but moved in the last 2 years and do not have a completed 2007 form. We can’t find our W2’s. I am trying to get it the original ordered through the IRS but it takes 60 days.
What is the usual protocol? Will the court and lawyer wait for us to get it?
Ok, here is my situation.
When I was 19, I was stupid enough to let my family get a house under my name under one of those "liar loans" (the ones where they falsify tax returns to make it seem like you earn more than you actually do. The house was under two loans, I lost the house to a foreclosure. I had a car that I was not able to keep making payments on, it was repossessed. I also had a credit card that I was not able to pay back. It was also closed. (I actually had two, but I was able to pay one off)
I currently have only a pickup truck to my name.
What do you guys think I should do? Should I file for Bankruptcy? What about the foreclosures and repos? How long do they stay on my credit? And the credit card….I can probably pay that one off. (it’s in collections)
I honestly have no idea what to do. I also have a student loan i’m having trouble repaying, but I already know those are exempt from bankruptcies.
I need help…bad. Guys any advice you can give would be greatly appreciated. I realize I was living beyond my means and ultimately this is MY fault. But I want to make things right again. Thank you for your time, I know this was a very wordy question.