Bankruptcy and the IRS

[Anonymous]

I have been on a payment plan for years with the IRS paying faithfully $700/month. Yes, it was my fault so no flaming please! Because the amount owed is still substantial, there is no way to pay this off before I'm 63. Since I'm a self-employed contractor, I don't have a lot of financial benefits (ie matched savings plan, etc) and income of $100,000 with lots of bills, tuition payments, etc.

If there are any bankruptcy attorneys out there, I would appreciate some advice. I am concerned that I won't be able to keep up the payments as I get older and won't be able to generate my present income.

If I file bankruptcy, would that eliminate the debt? I have never missed a payment and always in time. The IRS won't lower the debt because personal debt is not their problem. I understand that. Any solid advice from attorneys out there? Not worth cashing in investments.

[Anonymous]

OP again. My goal is to keep paying as long as I possibly can without becoming homeless.

[Anonymous]

Hire a tax attorney. They might be able to negotiate a deal with IRS

[Anonymous]

OP some tax debt can be eliminated through bk-


http://taxes.about.com/od/bankruptcy/qt/bankruptcy_tax.htm

[Anonymous]

You might be able to discharge the actual taxes owed but no the penalties and interest that accrued.

Last year, they made changes to the Offer in Compromise option. Take a look at the newer requirements because this may offer you the break you need.

[Anonymous]

Anonymous wrote:I have been on a payment plan for years with the IRS paying faithfully $700/month. Yes, it was my fault so no flaming please! Because the amount owed is still substantial, there is no way to pay this off before I'm 63. Since I'm a self-employed contractor, I don't have a lot of financial benefits (ie matched savings plan, etc) and income of $100,000 with lots of bills, tuition payments, etc.

If there are any bankruptcy attorneys out there, I would appreciate some advice. I am concerned that I won't be able to keep up the payments as I get older and won't be able to generate my present income.

If I file bankruptcy, would that eliminate the debt? I have never missed a payment and always in time. The IRS won't lower the debt because personal debt is not their problem. I understand that. Any solid advice from attorneys out there? Not worth cashing in investments.

If you have that much debt why would you be a self employed contractor.

[Anonymous]

If you have that much debt why would you be a self employed contractor.

Typical DCUM judgmental idiot poster.

Maybe because that is his job? And no other job he could now get would pay as much?

[Anonymous]

If your income is reduced and you can no longer make the same payments each month you can probably renegotiate your payments with the IRS.