You can become really afraid of the IRS when you think you might have to worry about repossession of your possessions like jewelry or cars. Put your finances in order and come up with a plan that may involve filing for bankruptcy.Keep reading for useful tips that will help you through the process.
The primary catalyst for filing personal bankruptcy is having a large amount of debt that can’t be readily repaid. If this sounds like you, start familiarizing yourself with your state laws. Each state has their own bankruptcy laws. In some states, your home is protected, while in others it is not. You should be familiar with the laws for your state before filing for bankruptcy.
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Don’t use credit card to pay off your taxes if you’re going to file bankruptcy. In many parts of the country, this debt won’t be discharged, and in the end you will be left owing the IRS a big sum … Read the rest