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Advice Needed - Liens

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    #1

    Advice Needed - Liens

    Hello all.
    I'm hoping someone can shed some light on some important decisions I need to make.
    I filed Chapter 7 Bankruptcy in 8/01 that was discharged in 12/01.
    The only things I was not able to discharge were:
    $14,000 in state tax liens (Virginia Employer Withholding taxes) and
    $10,000 in student loans from the Department of education (currently with a collection agency)

    I'm finally in a position to start working on addressing these. I've been able to save a decent sum as well as having a steady income.
    The options available to me, as I understand them, are:
    1. negotiate payments (do it myself or hire a professional)
    2. Offer in Compromise. (I noticed that there are many companies that promise to negotiate a final payment at a fraction of the original amount. Other things I've read indicate that tax liens are non-negotiable.)

    I don't know where to turn for good, objective advice.
    Should I hire a local attorney who specializes in Bankruptcy and Lien laws;
    Hire a national company
    negotiate a payment on my own.
    Negotiate a settlement amount (at a fraction of the original amount)
    Any advice is greatly appreciated. Thanks
    Tags: None
    #2
    Hi,

    If hiring an attorney makes you feel more comfortable, then definatley take that route. However, hirng an attorney really shouldn't be neccessary. Start by calling up each debtee you owe, and arrange mutually satisfying repayment plan. Once a plan is in place, have them send you a letter detailing the repayment plan, and the actions they'll take once you have satisfied your debt with them. VA typically offers amensty and or reduction of the amount owed toward deliquent taxes, and they are typically willing to work out a realistic repayment plan. Give them a call ASAP.

    Good Luck!
    Last edited by HRx; 11-28-2004, 11:11 AM.
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

    Comment

      #3
      Todd,
      Many thanks for the advice.
      VA offered an amnesty program about a year ago. Worked out to be about half of the original amount. Unfortunately, I was unable to take advantage of it at the time. Have you heard cases of states allowing "late-comers" to their amnesty programs? Is that realistic? Or should I resign myself to a repayment plan?
      If a repayment plan is agreed upon, how does that affect my ability to start rebuilding my credit?
      Thanks again.

      Comment

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