Arizona

Tax Debt and Bankruptcy Blog

480-507-5985Free Phone Consultation With Attorney

By Michael S. Anderson of Anderson Tax Law logo for Arizona tax attorney Michael S. Anderson P.C.
  • 10 BANKRUPTCY FAQ

    1. BANKRUPTCY – WHAT IS IT? Bankruptcy is a process that takes place in Federal Court. The Bankruptcy Code governs the process and it is designed to provide debt and other relief to consumers and small businesses. Most consumers and small business people file a bankruptcy as a “liquidation” case called a Chapter 7, and…

    READ MORE
  • 10 BANKRUPTCY MISUNDERSTANDINGS

    1. YOU WILL LOSE YOUR HOME In Arizona, a person or married couple is allowed to protect the first $150,000.00 equity in their personal residence from creditors. This rule applies in bankruptcy as well.For example, if you own a home, you live in it, and it is worth $200,000.00 and your only mortgage is $50,000.00,…

    READ MORE
  • TAX DEBT? YOU HAVE OPTIONS

    Tax Debt?  You Have Options The following is a list of the most common legal ways to deal with large IRS tax debt. Some are obvious, some are difficult and require extensive planning and some only work best in combination with another option. Despite the fact that a review of the list alone won’t solve…

    READ MORE
  • Income Producing Assets in an IRS Offer in Compromise

    If you own a business and that business has value, many people would assume that it should be included as an asset in calculating the amount of settlement.  As a result, many offers are calculated much higher than they should be. Income producing assets in an IRS Offer in Compromise shouldn’t always be fully included…

    READ MORE
  • Why did the IRS terminate my installment plan?

    Just because you are in an IRS Installment Plan with the IRS doesn’t mean that your work is done.  One of the common questions I get is “why did the IRS terminate my installment plan?”. The following are the most common reasons why this happens. Your Income Changed When you file a tax return the…

    READ MORE
  • IRS problems don’t just go away – put the fire out

    IRS problems don’t just go away.  The cartoon is a clumsy way of making the point. The point is that you have to do something.  You can’t ignore the problem and just go about your business. Your house is on fire and you may not realize it. The most common “house-fire” we see is that…

    READ MORE
  • The IRS Final Notice of Intent to Levy or why you should always open your mail

    The IRS Final Notice of Intent to Levy or why you should always open your mail I’m surprised at how often my clients bring me a box filled with un-opened mail from the IRS.  To tell you the truth, most of it is junk. Reminders to pay, debt breakdowns, letters requesting missing tax returns, etc….

    READ MORE
  • The Offer in Compromise isn’t over when it’s over

    The IRS Offer in Compromise isn’t over when you get the letter approving settlement with the IRS.  Don’t get me wrong, the Offer in Compromise (OIC) can be a great solution for some people with IRS debt. But unlike a chapter 7 or chapter 13 bankruptcy case, an offer in compromise isn’t over when you…

    READ MORE
  • Chapter 13 Bankruptcy

    Bankruptcy – About Chapter 13 A chapter 13 bankruptcy is commonly referred to as a “wage earner” bankruptcy. In Arizona less than 25% of all consumer bankruptcy cases filed are originally filed as chapter 13 bankruptcy cases. Chapter 7 bankruptcy and Chapter 13 bankruptcy filers have the same goal, the legal discharge of as many…

    READ MORE