Do I Really Have to Repay the IRS for Old Debt?

Question: Dear Jim, Over 23 years ago I owe the IRS $6000 for an overpayment/refund from them. Over the years that amount was changed with penalties and interest is now $200000 or more. Now I 72 years old and have been receiving SSN with a garnishment payment every month. Last year they took $2000 out. … Read more

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 … Read more

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

“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 … Read more

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

“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 … 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. … Read more

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

“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 … Read more