Bankruptcy Wilmington DE
It’s not easy to file for bankruptcy. Bankruptcy is a complicated matter and if it’s your only alternative then it’s best to find a good bankruptcy lawyer that can help you understand bankruptcy and taxes. You also need to figure out which bankruptcy you are eligible for and is best for you to file. The most common bankruptcies for individuals are chapter 7 bankruptcy (liquidation) and chapter 13 bankruptcy (restoration). Your bankruptcy lawyer can explain how to handle tax debts such as tax liens and also how to repay non dischargeable debt and take advantage of the automatic stay. Please scroll down for more information and get access to the best bankruptcy lawyers in Wilmington, DE listed below.
Daniel K Hogan
302-656-7540 1311 DELAWARE AVENUE
Wilmington, DE Daniel K Hogan 302-656-7540
1311 DELAWARE AVENUE
Wilmington, DE 19806
Specialties Bankruptcy, Real Estate, Commercial Education Widener University School of Law
Data Provided by:  Charles A Mccauley III
302-655-9094 1000 N. WEST STREET, SUITE 1200
Wilmington, DE Charles A Mccauley III 302-655-9094
1000 N. WEST STREET, SUITE 1200
Wilmington, DE 19801
Specialties Financial Markets And Services, Litigation, Bankruptcy
Data Provided by: William P Bowden
302-654-1888 500 DELAWARE AVENUE, P.O. BOX 1150
Wilmington, DE William P Bowden 302-654-1888
500 DELAWARE AVENUE, P.O. BOX 1150
Wilmington, DE 19899
Education Brooklyn Law School,University of Delaware
Data Provided by: Charles J Brown III
302-777-4350 300 Delaware Avenue Suite 1370, SUITE 1370
Wilmington, DE Charles J Brown III 302-777-4350
300 Delaware Avenue Suite 1370, SUITE 1370
Wilmington, DE 19801
Specialties Litigation, Bankruptcy, International Law Education Vermont Law School,University of Delaware State Licensing Delaware, Maryland
Data Provided by: Marc J Phillips
302-884-6581 1007 North Orange Street, P.O. Box 2207
Wilmington, DE Marc J Phillips 302-884-6581
1007 North Orange Street, P.O. Box 2207
Wilmington, DE 19899
Specialties Business, Bankruptcy Education Widener University School of Law,Virginia Military Institute
Data Provided by: Leslie C Heilman
302-252-4446 919 N. MARKET STREET, 12TH FL.
Wilmington, DE Leslie C Heilman 302-252-4446
919 N. MARKET STREET, 12TH FL.
Wilmington, DE 19801
Specialties Litigation, Bankruptcy Education Widener University School of Law,Cedar Crest College
Data Provided by: Thomas G Whalen Jr.
302-425-3304 1105 N. MARKET STREET, 7TH FLOOR
Wilmington, DE Thomas G Whalen Jr. 302-425-3304
1105 N. MARKET STREET, 7TH FLOOR
Wilmington, DE 19801
Specialties Bankruptcy, Commercial, Appeals
Data Provided by: Darcy A. White
302-384-9400 212 W 39th Street
Wilmington, DE Darcy A. White 302-384-9400
212 W 39th Street
Wilmington, DE 19802
Specialties Bankruptcy, Intellectual Property, Debt Collection State Licensing Pennsylvania
Data Provided by: Stacy L Newman
302-654-1888 500 Delaware Avenue, P.O. BOX 1150
Wilmington, DE Stacy L Newman 302-654-1888
500 Delaware Avenue, P.O. BOX 1150
Wilmington, DE 19899
Specialties Corporate, Bankruptcy Education Albany Law School of Union University,University of Delaware
Data Provided by: Marion M Quirk
302-651-2007 Cole Schotz Meisel Forman, 500 Delaware Ave Ste 1410
Wilmington, DE Marion M Quirk 302-651-2007
Cole Schotz Meisel Forman, 500 Delaware Ave Ste 1410
Wilmington, DE 19801
Education Syracuse University College of Law,Northwestern University State Licensing Delaware, New Jersey, Pennsylvania
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Will Bankruptcy Stop Tax Liens?Tax liens are a brutal tactic used by tax agencies to collect past taxes. In this article, we cover the question of will bankruptcy stop tax liens? Bankruptcy is the do over tactic for many Americans. They get up to their eyeballs in debt, often credit card debt, and seek to wipe the slate clean. This used to be a fairly simple process, but bankruptcy laws have been tightened up over the years. It is no longer a piece of cake to just walk away from your debts. Bummer, eh?
Tax liens are used by tax agencies to secure a claim for past taxes. The most common tactic is place tax liens on real property, to wit, homes. The tax lien, however, only applies to the equity on the property. It does not jump in front of the mortgage or other liens already on the property. Let's look at an example. Assume you own a home worth $300,000. Assume further that you have a $450,000 mortgage on it. Now throw in the fact the IRS claims you owe $60,000 in back taxes. If the agency files a tax lien against you, it can only attach the $50,000 in equity you have. In short, the tax lien will be secured in the amount of $50,000 and unsecured in the amount of $10,000. If the home is sold, the mortgage is paid off and the IRS gets $50,000. You still owe it $10,000.
So, will bankruptcy stop tax liens? This is a common thought for many people in trouble with the IRS. The answer is dependent on the specifics of your case. Of course, you don't want to hear that, so let's talk generalities. In general, the portion of the tax lien that is not secured may be discharged in bankruptcy. Will bankruptcy stop tax liens in our previous example? In general, it will stop part of the lien. The $50,000 secured portion of the tax lien would survive bankruptcy. The $10,000 unsecured portion will not. Regardless, you still lose the house! There is a huge caveat when considering if bankruptcy will stop tax liens. Bankruptcy is a federal law, but it is interpreted in ... |
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