Filing for bankruptcy is a complex process — you have to think about every aspect of your finances and how it could be affected by filing. Many people wonder how their tax refunds will be affected by filing for bankruptcy. It all depends on when the tax return is issued.
Typically a tax refund will be considered an asset during a Chapter 7 bankruptcy filing if you are entitled to receive the...Read More
What is an IRS Levy?
If you owe the IRS money, you will quickly find out what an IRS levy is, but for those who have not experienced this situation, an IRS levy comes about when the IRS garnishes one’s wages to collect tax debt. This is usually something that happens after various other forms of debt repayment are suggested — the next solution the IRS will hand out is jail, so know that an IRS...Read More