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I'm in a weird situation... I owe the IRS like $60K and California around $20K. I had a decent income for a few years but is' gone and unlikely to return ever.
My credit is ok and rebuilding with negative stuff all like six years old so I really don't want to BK but I don't have the money to OIC either.
Should I wait it out? BK? What happens if I ONLY BK tax debt? Will I lose all my credit cards with zero balances?
Tax debt is generally not dischargeable through bankruptcy. I don't know anything about Calif tax relief, but the IRS will work with you including an offer in compromise based on an amount that is painful but payable over time (if I remember correctly it's 18 to 24 months).
https://www.irs.gov/payments/offer-in-compromise
Should you NOT settle or enter a payment plan with the IRS, things can get very "difficult" including the loss of property and passport.
To eliminate a tax debt, the tax return must have been originally due at least three years before you filed for bankruptcy.
@Anonymous wrote:To eliminate a tax debt, the tax return must have been originally due at least three years before you filed for bankruptcy.
Yeah - though mines getting close to ten years old... at least the big stuff, so it'll go away on it's own.