With taxes due this year on April 18, 2011, a lot of consumers are faced with this question: I know that I give a lot of money to the Internal Revenue Service and / or California franchise tax board, and I know that it is non-dischargeable. How do I take care of it when I do not have any money to pay for it?

As discussed earlier (see discharge in bankruptcy), heavy taxes are generally dischargeable in bankruptcy. However, it will not help you if you 2008, 2009, pay for, the 2010 tax year or to the IRS or FTB. There are many options available to you if you are paying for these tax years.

Installment payments

If you owe money to the IRS or FTB, but you do not have enough money to pay the full amount at one time, one of the options available up to the taxing authority is set with the installment payments. Keep in mind, the penalties and interest on the outstanding amount of tax collected does not stop. It just means that the taxing authority to allow you to make installment payments. Both tax authorities 60 months (5 years) to a maximum payment of your tax liability offer. In Motion - Understanding (OIC)

If you are currently unable to pay your tax liability, and you know that you will not be able to pay in the near future, if the IRS an offer in compromise and / or may be eligible for FTB are. The OIC program allows you a favor if you can prove that the offer is good depending on your circumstances you can do less than to pay. Everyone's situation is different, so you an OIC is different from person to person qualified to evaluate. Both the IRS and FTB forms to complete and return them to the OIC program requires the taxpayer to be considered.

Chapter 13 Bankruptcy

If you put officials to pay the full amount of your tax liability are unable to consider another option left for a Chapter 13 plan through a Chapter 13 bankruptcy filing its debt payments. Chapter 13s or the 3 (36 months) years or 5 years (60 months) can last. Bankruptcy alternative is a great idea, especially if you credit cards, medical bills and other personal loans such as unsecured loans payable. You pay 100% of the liability portion of the non-dischargeable because the taxing authorities are considered unsecured creditors, priority needs, but 0% to unsecured creditors to receive 100% of their loans depending on your circumstances. A Chapter 13 plan to pay your tax liability for the benefits of filing tax liability of the fact that the only real priority. Penalties and interest accumulated in your account as you are paying off debts are in your Chapter 13 plan. This could potentially save you a lot of money! Penalties and interest are dischargeable and all other unsecured creditors be treated as one.

To determine if a Chapter 13 bankruptcy filing is the best choice for your circumstances, it is advisable that an experienced bankruptcy lawyer in your area be consulted.







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