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Vick Files for Bankruptcy Protection
How will this affect my fiancee and I?
My fiance’s mother, whom we have been living with temporarily the last two months, is filing for bankruptcy. She says that she is going to claim us and that she needs our social security numbers and for us to sign some documents. She can’t explain why she needs our SSN she only says it won’t affect us at all. Why would she need to claim us? Why would she need our social security numbers? How would this affect us?
Bad grammar, it should be “How will this affect my fiance and me”?
She does not need your social security numbers to file for bankruptcy.
Are you and your fiance working? If not, it could be that she is planning to claim you as dependents on her income tax return. She cannot do that unless she contributed more than 50% toward your support last year.
Did she?
You're in serious debt. You have a number of creditors and have no hope of paying. The worst is one of your creditors is the body's most powerful collection of American … the Internal Revenue Service.
A fateful decision … You've decided to declare bankruptcy, and while passing by your creditors you wonder if the IRS can be included. The IRS has certain rules and restrictions on the inclusion an IRS debt in a bankruptcy. Not only that, but you are not completely free from IRS collection action while you're bankruptcy.
Let's go through the lifecycle of an IRS debt and bankruptcy:
Can you include your IRS debt in a Bankruptcy? Yes, but your debt must meet 3 standards. If she does not even one of them, then you have to find another way pay the debt. The 3 standards are:
1. You can not include any tax liability is less than 3 years. So if your tax Debt is the last year can not be included.
2. You can not have tax returns unfiled.
3. You can not have tax returns that were audited because you have committed tax fraud.
One down … Let's say you owe IRS meets the requirements and you can include in your bankruptcy, and now? The IRS can not take any collection action against you for you are in bankruptcy under the automatic stay of collection.
There is a loophole for the IRS, if you are a declared bankrupt series. If you've filed bankruptcy and he was fired during last year, the IRS has to comply to an automatic stop for 30 days. If you have filed two bankruptcies, then the IRS can not ignore the automatic stay.
Do they ever quit? While the IRS may collect from you, here's what they can do: The IRS may conduct an audit to determine the amount of your tax debt. The IRS may send you a notice stating the annual amount of your debt. The IRS can take any tax refund you should have and apply it to your debt, or if you are handling your bankruptcy trustee for reimbursement is submitted for distribution to your creditors.
An end in sight … What happens to your tax debt to the IRS after the bankruptcy is discharged. If your tax liability was included and discharged then the debt is uncollectible. But wait, remember those 3 standards to include a debt in bankruptcy. A tax debt happened because of one or all of these reasons is still eligible for the collections. In the interest of the addition and penalties have accrued on the portion of the debt during the time when you failed.
The IRS and bankruptcy do not go together, but if you know your rights, you may decide you need your debt and be able to get your life back on track.
Now you have the smoking gun … Use it!
Richard Close was an IRS-Hitman. He worked as a revenue officer for the IRS and his father was the head of the collections branch for 30 years; so it runs in the family. He left that behind and now he’s partnered with Tax Defense Network to help thousands of Americans with their tax problems. He gives the tips and tricks for you to fight the IRS and win! Visit him at: http://irs-hitman.blogspot.com or http://www.taxdefensenetwork.com or contact: email irs-hitman@taxdefensenetwork.com or 1-888-248-9058.
