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Tag Archives: IRS Debt

How Your Parents’ Help Could Hurt Your Chances of Buying a Home


Getting a mortgage will probably be the largest transaction of your life — no doubt, it will have an impact on your finances for the next 30 years. With that in mind, when it comes to how much you can borrow for that big transaction, any debts you have now will reduce that amount. And if someone else – a ... Read More »

    My Boyfriend is Scared of the IRS. – Journey


    “Dear Steve, My boyfriend has the IRS after him from a 2009 audit that went into noncollectable status in 2010. Recently, we have had a knock on the door and a note left from the IRS with impending doom. My girlfriend said that adding a second person on the bank accounts will prevent any bank swipes from the government because ... Read More »

      I Filed Bankruptcy But Still Owe the IRS. – Wanda

      Magnifying Glass - Q&A

      “Dear Jim, I was audited by its in 2006. It was because the tax preparer was listing me as single when I was filing head of household I am married but my husband worked seasonal. The irs sent me a letter stating I owed them $12,000. So they took my taxes. I filed for bankruptcy I told my lawyer that ... Read More »

        An Old Bank of America Loan Has Surfaced And I’m Being Threatened With a Lawsuit. – Nancy

        Divorce papers and cash with misc items

        “Dear Steve, 56 yrs old getting a divorce, left with much Irs debt from husband have to go back to school to refresh my nursing skills. Selling my house to pay off Irs and morgage and car. Will have to start all over (small apt, work full time ect.) My bank of america loan from many years back was charged ... Read More »

          My Life Has Been the Perfect Storm of a Sinkhole and a Debt Nightmare. – Shannon

          Ready to Collapse

          “Hi Steve, I am the perfect storm of a life changing full life debt nightmare!( A little dramatic perhaps, but here goes) I am a 34 year old mom of a wonderful son. I started a small(and at the time, successful) business out of my home in 2005. Things were great, bought a house in Florida in 05 and thought ... Read More »

            Do I Have to Include All My Debt in Bankruptcy? – Michael

            “Dear Lewis, I’m on a fixed income being on disability and can’t aford to pay off the items on my credit report. Can I file on my entire credit report, including my IRS fines? Michael” Dear Michael, That is a common misconception in bankruptcy – that one can file on certain debts, but not others. You must list ALL debts ... Read More »

              On Payment Plan With the IRS but Can’t Afford My Other Debts. – Thomas

              Ready to Collapse

              “Dear Steve, About a 5 months ago I went on a payment plan with the IRS for past due taxes of 5 years. 34000 – $578 monthly. After I went through my finances with IRS $578 is what I have left after all my living expenses. IRS dose not include Charge cards Payments as expenses which is the $578 I ... Read More »

                I’ve Been Involved With Risky Ventures But Now Want to Clean Things Up. – Ryan

                Ready to Collapse

                “Dear Steve, I have spent the last 6 years being involved in risky startups and ventures. I have used my life savings for these ventures as well as racked up a good amount of credit card and tax debt. We just had a baby boy 4 months ago – and I am completely focused on getting out of debt in ... Read More »

                  Can I Get Rid of IRS Debt in Bankruptcy? – Julia

                  Ready to Collapse

                  “Dear Steve, If I file bankrupcy will any of my IRS debt be forgiven? I owe for every year since 2000. Julia” Dear Julia, Yes, you can discharge IRS debts in bankruptcy. The taxes must be more than three years old at the time the Bankruptcy was filed. The three-year period begins to run from the time the returns were ... Read More »

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