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FREE ENERGY – Air Powered Vehicles
I am eligible for officer candidate school?
I entered the army as E-4 in 2007. I am currently on a one year deployment in Afghanistan. My enlistment is up 2015. I lost a business and defaulted on business related credit card balances (80K) Several investment real estate homes foreclosed and went belly up (2009). I did not file bankruptcy and I own my own home free and clear. I have a clean police record. I am forty years old. I have a bachelor and master degree.
Unfortunately you are over the age limit. Waivers are allowed up to age 34.
The answer is – most likely not. Firstly, bankruptcy is a very serious and should not enter the decision file bankruptcy lightly. Bankruptcy has long-term negative impacts. There are two types of bankruptcies for you to consider before deciding which could be adapted to your circumstances.Â
Chapter 7 is liquidation bankruptcy. under this arrangement, the entire debt is liquidated, non-exempt and Dis-charged, alike. income tax debt over three years old may be all or most erased. most recent tax debts can not be included.
Chapter 11, 12 or 13 is bankruptcy. reimbursement under this arrangement you are able to repay your debt in an amount extended by time.  Your taxes must be repaid within a period of time, like the rest of your debt.
Over there many negative aspects of bankruptcy. The downside of bankruptcy, which applies to tax is that you can leave your bankruptcy and still face these debts. tax is because the law authorizes the Internal Revenue Service to grant additional time to collect your debt as a proportion of your The status remains bankruptcy. time limits on your debt is extended for the duration of your bankruptcy was pending, plus one hundred-eighty days.
The Bankruptcy will have a profoundly negative impact on your credit rating. A bankruptcy stays on your record for ten years. This will make it harder for you buying a car, rent an apartment, qualify for a loan, mortgage, and even affect your lenders premiums. Insurance you as a bad risk and refuse to extend credit to you.
If the main reason you are considering bankruptcy due to the tax debt reconsider. You can usually develop a plan with the Internal Revenue Service to pay off your debt time. On the other hand, If your tax liability is important and you are sure he will be discharged in bankruptcy, it could be the right thing to do.
Before to make such considerations, it is always advisable to consult a tax professional or financial consultant. which they can direct you to options that really work, while helping you avoid the stigma of bad credit and substantial tax liabilities.
You May also consider the possibility of a resolution specialist in taxation to help you in your IRS debt. Often, a specialist in the resolution Tax can help you negotiate a payment plan to pay your debt to the Internal Revenue Service without the negative connotation of bankruptcy.
Many people assume that one’s they file bankruptcy; they will be free out of all the debts including tax debt. Well this is not true unfortunately. IRS has wide powers to recover taxes from you even after your bankruptcy protection expires. So if you are considering bankruptcy as an option to get rid of your tax bill, consider twice. Chintamani Abhyankar explains.
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.
