Many Americans recently filed a tax return only to discover their refund was not what they had expected — or worse. Others might have prepared the documents only to seek an extension due to an unplanned need to pay. Now, the realization sets in that financial hardships remain or might have worsened. Right now, foreclosures are increasing following all of the relief and moratoriums, while adjustable-rate mortgages are going up. The restart of student loan debt repayment continues to loom. Individuals seeing renewed or increased difficulty meeting debt obligations need to know bankruptcy can help provide a path forward. Attorneys at Sader Law Firm regularly help keep individuals and families in a residence, stop calls from creditors and develop a plan to meet the specific needs of their situation. However, those considering bankruptcy should keep a few things in mind: While most types of personal obligations can be discharged through…
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By STEVEN LONG With the tax deadline behind us, there’s a wave of people with new tax debt and there are folks receiving large tax refunds. Unsurprisingly, bankruptcy law cares a fair deal about taxes in either direction. The interaction between bankruptcy and taxes is complicated enough that not all bankruptcy lawyers will know all eight of these tidbits: Bankruptcy CAN eliminate tax debt. If the tax debt is old enough and the tax returns were filed long enough ago – a Chapter 7 or Chapter 13 bankruptcy can help erase tax debt. Bankruptcy CAN help resolve tax debt. If the tax debt is too new, the bankruptcy will not be able to delete the debt, but a Chapter 13 bankruptcy can help create a forced payment plan to resolve the tax debt. Bankruptcy CAN help resolve tax liens. If the taxing entity has filed for a lien, the tax…
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We have good news if you still have to file taxes for 2019. If you meet the necessary eligibility requirements, you can still file your taxes for free until October 15. The IRS partners with multiple tax filing services that offer free filing options. Free file services that are partnered with the IRS were enormously popular in 2020. In fact, usage of free filing services increased by 50% since 2019. Below, we discuss what to know about the services and their various eligibility requirements. IRS Free File Eligibility If you made $69,000 or less in 2019, then you can visit the IRS’ website to choose from one of the various free filing services. TurboTax, TaxSlayer and H&R Block are some of the more well-known free file services currently partnered with the IRS. Many services are available in English and Spanish. You can receive a more comprehensive list by clicking this…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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