Bankruptcy Law

Bankruptcy law questions? Ask a bankruptcy lawyer.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

my question is: since i owe 1040 taxes for 3 yrs and if my…

my question is: since i...
my question is: since i owe 1040 taxes for 3 yrs and if my home is worth less and i owe more is there a way to settle with a lesser amt than i owe. I owe more than 10,000 in back taxes.. i know i must pay 941s in total
thanks
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 5 minutes by:
1/2/2012
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

Do you want to settle your tax debt or try to discharge them?

WALLSTREETESQ :



f the income tax debt meets all five of these rules, then the tax debt is dischargeable in Chapter 7 and Chapter 13 bankruptcy petitions.

  1. The due date for filing a tax return is at least three years ago.

  2. The tax return was filed at least two years ago.

  3. The tax assessment is at least 240 days old.

  4. The tax return was not fraudulent.

  5. The taxpayer is not guilty of tax evasion.





 

Customer:

Well, that's a good question. i have filed each year. however, I have not paid my 1040 taxes

Customer:

in full.. The 941s must be paid as I understand it.

Customer:

If I wanted to settle the 1040 taxes what would that entail.. And from what you are indicating

WALLSTREETESQ :

In terms of a settlement, an actual filing of bankruptcy may help you,

Customer:

above, I meet the criteria, I think.

WALLSTREETESQ :

it is possible to apply for an Offer in Compromise,

WALLSTREETESQ :

Which according to the IRS Your initial payment will vary based on your offer and the payment option you choose:



  • Option 1: Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.

  • Option 2: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.


If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for detail


 

WALLSTREETESQ :

Or list the tax debt in a potential chapter 13 or chapter 7 filing,

WALLSTREETESQ :

and have some of the taxes discharged, or spread out in a 60 month payment plan as per the chapter 13,

WALLSTREETESQ :

Also, if you qualify for a chapter 7,

WALLSTREETESQ :

that may help you qualify for an offer in compromise with the IRS to reduce your total tax liability

Customer:

I know i won't meet the Low Income Certification guidelines. I make too much.

Customer:

I t hank you. This gives me more information to think about. There's a lot to all of this and I want

Customer:

to be as knowledgeable as I can. thank you.

WALLSTREETESQ :

If you have income above the state average, a chapter 13, may be best, XXXXX XXXXX

WALLSTREETESQ :

help you spread out whatever amounts you owe to the IRS, and possibly reduce your debts,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified
WALLSTREETESQ and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
17,253 Satisfied Customers
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

WALLSTREETESQ is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
If I file for chapter 7 or 13 can the courts take/garnish my
if I file for chapter 7 or 13 can the courts take/garnish my state retirement pension. its all I will have to live off after this ??????? … read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
Filing chapter 7 bankruptcy in Des Moines Iowa- Regarding
Filing chapter 7 bankruptcy in Des Moines Iowa- Regarding credit card judgements that have been placed on you; what form(s) do you include these on. How do you list them?… read more
KLAW
KLAW
Juris Doctorate
2,029 satisfied customers
I may have to file chapter 7 bankruptcy. My debt is
I may have to file chapter 7 bankruptcy. My debt is primarily non consumer debt.[87%]. I was reading US Code 547 c 9 and was also told that since it a non consumer debts chapter 7 that i could transfe… read more
Andy4712
Andy4712
Attorney
Doctoral Degree
93 satisfied customers
In form Form 106A/ for Chapter 7. In any of the sections
In form Form 106A/B for Chapter 7.In any of the sections when they ask you : 1.) Current value of the entire property? 2.) Current value of the portion you own?What do I put for part 2?Example : Singl… read more
Andy4712
Andy4712
Attorney
Doctoral Degree
93 satisfied customers
I may have to file chapter 7 at some point in future. Both
HelloI may have to file chapter 7 at some point in future. Both my daughter and my son saved and I helped them buy vehicles. They paid for them. They are older used cars worth 2500 and 3500. Can I tra… read more
Alex J. Esq.
Alex J. Esq.
Managing Attorney
Doctoral Degree
2 satisfied customers
In a chapter 7 bankruptcy if there is both a discharged tax
In a chapter 7 bankruptcy if there is both a discharged tax liability and a current tax liability and assets that the trustee will sell. Which tax liability will the proceeds from the sale go to first… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
Another question? If a person filed chapter 7 bankruptcy and
Ok another question?If a person filed chapter 7 bankruptcy and remAins paying on vehicle through discharge on bankruptcy, if at some point I stop paying will they repo the vehicle. I know it's not on … read more
Ray
Ray
Lawyer
Doctoral Degree
32,061 satisfied customers
This is a chapter 7 question...the Debtor currently has a
This is a chapter 7 question...the Debtor currently has a garnishment that will be extinguished by the chapter 7 discharge...Does that garnishment still go on Schedule I? How would it be treated on th… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
My bankruptcy chapter 7 was discharged in Feb, 2018. I am in
hi - My bankruptcy chapter 7 was discharged in Feb, 2018. I am in a process of getting a mortgage broker license. I wonder that will be an issue? … read more
PhillipsEsq.
PhillipsEsq.
Attorney
JD
804 satisfied customers
I hired an attorney in IL to file a Chapter 7 for me. Most
I hired an attorney in IL to file a Chapter 7 for me. Most of my LLC's are based in GA. I had since moved to IL for six months so filed in that state. I had a couple items that were sold and the credi… read more
PhillipsEsq.
PhillipsEsq.
Attorney
JD
804 satisfied customers
I need to file a emergency skeleton chapter 7 ASAP to stop a
I need to file a emergency skeleton chapter 7 ASAP to stop a fraudulent writ of execution I never had the chance to dispute. I have completed the debt counseling certificate , forms 101 1-6 documents,… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I bought trustee deeds from a Chapter 7 bankruptcy trustee
I bought trustee deeds from a Chapter 7 bankruptcy trustee years ago, and the title of the properties are lised***** Anywhere, USA 12345 subject to the existing claims and creditors either known or un… read more
Damien Bosco
Damien Bosco
4,124 satisfied customers
My wife filed for chapter 7 recently she forgot to include
My wife filed for chapter 7 recently she forgot to include my income in the means test, and now that we add it it she does not pass … read more
Ray
Ray
Lawyer
Doctoral Degree
32,061 satisfied customers
Who owns the home Title after Chapter 7 Discharged ?. Pls
who owns the home Title after Chapter 7 Discharged ?. Pls check the Case Number: 17-16948- New jersey case . Maura Ojeda. I need to find if she got CH7-Discharged does she have any rights to stay in t… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
82 satisfied customers
I am filing chapter 7 in Delaware all my debts are Auto
I am filing chapter 7 in Delaware all my debts are Auto draft they are non secured debts, My Attorney advised till I pay her off close checking and get another is the only way to stop creditors, is th… read more
Ray
Ray
Lawyer
Doctoral Degree
32,061 satisfied customers
If a husband files Chapter 7 bankruptcy, can the husband
If a husband files Chapter 7 bankruptcy, can the husband borrow money from the wife, after the 341 hearing but before the chapter 7 is discharged? … read more
PhillipsEsq.
PhillipsEsq.
Attorney
JD
804 satisfied customers
If you file for chapter 7 and you own a condo, have owned it
if you file for chapter 7 and you own a condo, have owned it for 15+ years, your equity is about 50%, and you keep up your payments on time throughout the process, is the condo still yours when the pr… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,037 satisfied customers
Files his Chapter 7 petition and fails to include a creditor
John files his Chapter 7 petition and fails to include a creditor whom he borrowed $5K from for an educational loan. He wants to amend his petition to include the creditor before his creditors meeting… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x