top Ad Widget
Collapse
Announcement
Collapse
No announcement yet.
Owe A LOT to IRS
Collapse
X
-
I am living out of the country (Brazil) as my Social Security can barely allow me to live like a human here in Sao Paulo. I have all the credit I should not have here (3 infinite visas, 2 Black MasterCArds, one an Aadvantage from Santander.). At any rate, my ch 7 discharge was very recent 7/29/24. I guess since I changed my address with social security, they figured they could not get blood from a stone. I had very old IRS debt from 2015, which started out at 40K-->84 K by the time my ch. 7 was finalized (I started the process on April 2024 and gave the discharge date.). My accountant said I should do an OIC (and I used the IRS tool, and it had an unbelievably low settlement amount.). My attorney said to wait, sometimes they (even with a lien on 'Asserts" which makes the not dischargable) reduce the bill. by the amount of the interest charges in a bankruptcy. SO, post 7/29/24, I would look at the IRS.gov account. 2 or 3 weeks later, it showed -84,000 entries and written off in full. I am free at last from them and able to rebuild my life. There are miracles that happen if you are patient. I just read it took one guy form 2008--> 2021 for Amex to forgive him w/o paying them back after burning them. So I am not expecting anything from them or Chase or Citi (these being USA accounts), but again, all of these banks occasionally let you back in. It's kind a crap shoot and certainly an unscientific process. As far as Brazil cards go, I can get pretty much anything I want except for a very high-income card (which, of course, has the best benefits.). But I definitely will maintain an address in the USA-at my age; there may be a time when medically I have to return home to the USA and then I would of course, want to have a credit report that is being aged, with those little payment checks next to the 3 unsecured zero annual fee cards I have been able to open with ver low limits.
-
Online Payment Agreement (OPA) or an OIC. I was on a payment plan before filing. I discharged about $5K in penalties. If you have that much tax debt you may need to work with an enrolled agent (or company) that can help negotiate an OIC.
Leave a comment:
-
Owe A LOT to IRS
I'm planning on filing chapter 7 next month. But I also have a very large amount (>50k) owed to IRS that will not be able to be discharged in BK. What options do I have? I know that the collections actions will cease while going through BK, but after discharge are they more willing to work with someone who went through BK to develop a payment plan? Are they more willing to accept an OIC? Anyone have any good experience or insight with this?
Thanks!!Tags: None
bottom Ad Widget
Collapse
Leave a comment: