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BK or no?

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  • BK or no?

    All my CC and misc debt is from at least 10 years ago, except for one or two small debts. Been trying to get my atty to finish a Chapter 13... for two years now.

    Biggest issue, 60K IRS debt. If I negotiate with IRS, I'll pay probably $1000/month, same as if I file CH13. Wondering what is the best route?
    Should I even worry about debt that is 10 years old? Won't that just fall off my credit report and go away?

    Also have student loan (parent) of $300/month.

    Income is approx 105/yr. Any advice?

  • #2
    I'm really just trying to find the lesser of two evils. Not that familiar with credit reports.


    • #3
      The key with the IRS debt would be how old are the taxes, did you file those taxes more than 2 years ago, and they were due more than 3 years ago, and whether it was an assessment within the last 240 days. IRS debt can be discharged in bankruptcy if it meets the criteria. If you just go on a payment arrangement over 5 years, you're looking at over $1,000/month for those taxes. However, a Chapter 13 bankruptcy could eliminate penalties and interest on penalties if your "disposable monthly income" (DMI) doesn't support a 100% payback!

      As for old stale debt, that would depend on the statute of limitations (SOL) for your State with respect to the collection of debt. If the SOL has been reached, the creditors are out of luck but that won't stop them from attempting to collect. Just tell them to go away, the SOL has passed. A bankruptcy is a tool that would stop them cold in their tracks and they won't be able to harass you (legally) after the case is filed and in perpetuity once the debt is discharged.

      You really just need to work the numbers.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.


      • #4
        Thanks for the reply, just broke.

        The IRS debt ($47k) is from 2006.

        I think I make too much, not to pay back the debt.

        Wouldn't I be able to renegotiate the IRS, once the debt is less than $25k?


        • #5
          I cam not a tax professional and have never negotiated with the IRS (e.g. an offer in compromise, or OIC). You could check with some tax experts that deal with OICs or other dealings with paying off tax debt. I would ask about whether an OIC can be done, or would you be stuck with paying it back through the regular payment arrangement agreement. If you're going to do a payment arrangement, you'll still pay interest on the taxes and the penalties. You may then want to at least look at what a Chapter 13 could do for you.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


          • #6
            I wonder how much the interest would be each year?
            I'm pretty sure the IRS would allow lower payments with debts less than 25k.

            I probably need to figure out what the credit law is in California.


            • #7
              The IRS was allowing payment agreements (via the easier process) for taxes under $50K. I had such a repayment plan and almost as much in tax at 2.5% if I remember. The bankruptcy allowed me to shed $19K of penalties and interest on those penalties. I was paying $850/month. From all I know of my personal experience, they are 60 month repayment plans plus the interest.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog

              I am not an attorney. Any advice provided is not legal advice.


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