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Tag Archives: IRS

Bankruptcy and IRS Levies

When taxpayer cannot or will not pay their taxes, the IRS has two primary means of recourse: tax liens and tax levies. A lien is a type of legal claim to your property, which involves notice to creditors that you owe the IRS money and that its claims take priority. For example, if you have… Read More »

How Does an Automatic Stay Affect IRS Debt?

The automatic stay in a bankruptcy case is a court order that stops creditors from collecting debt. This order also applies to revenue agents from the Internal Revenue Service (IRS). The automatic stay prevents the IRS agents from: Garnishing your wages Filing a lawsuit against you Demanding payment Seizing your assets Issuing tax liens Taking… Read More »

Tax Liabilities and Implications with Filing Bankruptcy

Filing bankruptcy often involves tax implications, but not in the ways you might think.  Filing bankruptcy itself is not a taxable event.  However, there could be tax implications if property is sold to pay creditors, or if debts are forgiven by creditors. Typically, when you owe someone $600 or more and they cancel or forgive… Read More »