cancel
Showing results for 
Search instead for 
Did you mean: 

Time to give up?

tag
Skrewed
Member

Time to give up?

This is less about building my score, and more about what to do about my overall credit report. Back taxes have consumed me. It is my own fault, I have never done my withholdings correctly. Poor choice I know, but now, I have buried myself deep. Tax liens in the amount of $150k. I make decent money, but after the family and my expenses working on the road, I have nothing left to give them. Unfortunately, my hard labor career has taken it's toll on my body. I was declared disabled in the 80s due to a broken back and wasn't supposed to do any labor at all after that. Well here it is 30 years later and I've been beaten myself to the point of no return. I am probably going to be forced to get on disability within the next few months. Some days I can't even get out of bed to go to work.

 

I'd like to not have these liens hanging over my head, but I don't know what I can do. I have nothing to offer them as a settlement. I don't own a home, I don't own a vehicle, I have zero personal assets other than my very meager pension which is currently sitting at $26k.

 

Anybody have any suggestions? I don't really even know the right questions to ask.

Message 1 of 3
2 REPLIES 2
09Lexie
Moderator Emerita

Re: Time to give up?

Sorry to hear !  I'm not well versed on Offers in compromise but I would get in front if it.  Liens never go away and with your health being a concern you don't want to add another level of stress.

 

hopefully, someone can chime in but with a fixed income you might have a shot of them accepting much less than pennies on the dollar. 

Message 2 of 3
Revelate
Moderator Emeritus

Re: Time to give up?


@Skrewed wrote:

This is less about building my score, and more about what to do about my overall credit report. Back taxes have consumed me. It is my own fault, I have never done my withholdings correctly. Poor choice I know, but now, I have buried myself deep. Tax liens in the amount of $150k. I make decent money, but after the family and my expenses working on the road, I have nothing left to give them. Unfortunately, my hard labor career has taken it's toll on my body. I was declared disabled in the 80s due to a broken back and wasn't supposed to do any labor at all after that. Well here it is 30 years later and I've been beaten myself to the point of no return. I am probably going to be forced to get on disability within the next few months. Some days I can't even get out of bed to go to work.

 

I'd like to not have these liens hanging over my head, but I don't know what I can do. I have nothing to offer them as a settlement. I don't own a home, I don't own a vehicle, I have zero personal assets other than my very meager pension which is currently sitting at $26k.

 

Anybody have any suggestions? I don't really even know the right questions to ask.


Your absolute first task is to get your transcripts from the IRS: you need to know what your assessment date is for the years in question.  The SOL from said assessment date is 10 years, after which it becomes uncollectable.

 

That date is critical for determining what you would need to offer for a OIC to have it's being accepted if you go that route, basically you only have to have a payment plan for the number of years which are left for them to collect... or it may make sense to just keep your head buried under a rock like I did with one of my liens.

 

NOLO.com publishes a very good book on dealing with the IRS, I highly recommend it and some of the online articles there are pretty first rate too.




        
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.