Are You Responsible for Your Spouse’s Tax Debt?

Spouses who communicate and share in the finances and obligations of the relationship expect to also share in each other’s tax debts. When you file jointly, for example, the IRSa and the New York Tax Department treats you as a single taxpayer. Any refund that is due is not apportioned. Consequently, any offset on a […]

How Are Taxes Treated When You File for Bankruptcy?

If you are struggling to pay the bills each month yet find yourself falling farther and farther in debt, bankruptcy may be the best long-term solution. Most individual debtors file either a chapter 13 or a chapter 7 bankruptcy. If you have significant tax debts, the way those debts are handled in the different bankruptcy […]

Types of Corporate Bankruptcy

You have worked hard to get your corporation viable and profit-making, having invested large amounts of money and time and perhaps hiring employees to realize your business dream. Unfortunately, because of the economy or other factors, your business is struggling, creditors are hounding you, and you may even have lawsuits filed against you as well […]

Four Things to Avoid Doing Before Filing for Bankruptcy

The decision to file for bankruptcy can be a difficult one, but once you decide to move forward, it is important to understand what you shouldn’t do before you actually file. Filing for bankruptcy is not a guarantee that you will be approved. Therefore, you need to follow the right steps to increase your chances […]

How are sales taxes treated in Chapter 11 bankruptcy?

Will Chapter 11 free you from the obligation of paying IRS sales tax debt? Chapter 11 Bankruptcy is a long and involved legal process which you should pursue when you have decided that your business is truly worth saving. When making this decision, you should also make certain that the amount of the debt you’ll […]