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Sarah and Tom owed $800,000 in back taxes and had liens on real estate. A Chapter 7 filing wiped out all of the taxes owed 3 or more years prior.

Scott was served with an eviction notice that would have put him out of business. A Chapter 13 filing protected the business. A payment plan helped solve the debt.

Jennifer owed $100,000 on a $60,000 income per year. A garnishment threatened her future. Filing for bankruptcy helped Jennifer settle debts.

Scott, a small businessman with a struggling specialty fast food restaurant, had fallen behind in rent payments. Then he was fortunate enough to receive free publicity for his restaurant on the Food Channel. He experienced a 180-degree turnaround in business almost overnight.

Nonetheless, Scott’s landlord began eviction proceedings for months and months of back rent. The solution: put the business into Chapter 13 bankruptcy, stopping the eviction process in its very beginning stage and setting up a long-term payment plan for the back rent. The restaurant was saved, the back rent paid and now Scott is looking to expand and start up a second location.

Sarah and Tom had two children, were high earners, homeowners and owed in excess of $800,000 in income taxes, all of which was more than three years old. They had tax liens on their real estate and modest pensions. They were in a payment plan with the IRS that left very little discretionary income to make needed home repairs. At the rate they were going, it would take them 86 months to pay off the debt.

Sarah and Tom filed Chapter 7 bankruptcy and discharged all of the income taxes more than three years old. The liens were abated down to the value of the pensions. The couple then entered into a much more manageable payment plan of the tax liens secured by the modest pensions and paid off the small amount of tax remaining due.

Sarah and Tom - Bank Income Taxes