Legal Question in Bankruptcy in California

Bankruptcy and the I.R.S.

I owe personal and payroll taxes for 1992.I filed bankruptcy in 1994.Since then the interest and penalty has grown out of sight.The IRS put the payroll taxes under hardship and uncollectable status.I recently inherited a house that if sold would just about cover the debt.My question to you is, if I filed B.K. again would I be able to rid myself of some or all of the interest and or penalty and just pay the princaple?


Asked on 6/28/01, 3:42 am

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Bankruptcy and the I.R.S.

I believe you are talking about doing a Chapter 13. The answer to your question depends on what your current disposable income is, and what the value of all your assets are. If you have sufficient income and/or non-exempt assets to repay 100%, then you will have to do that. Otherwise, you might be able to get away with paying less.

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Answered on 7/02/01, 12:39 pm


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