I received a OIC from the IRS in 2006. We paid the amount agreed upon , 10,000. We then paid our 2007 taxes but due to the economy we lost our home, my job and every penny we ever had.
We owed 10,000 for 2008 and 3000 for 2009. We had no money to pay any of the debt owed. We tried every thing but because we have no assets, no money no credit we are unable to satisfy our debt. The IRS agent told our attorney last Oct he would give us 120 days to satisfy the debt. That is February 2nd 2001.
We called for an extension (attorney called) but the agent would not work with us.
I have a job as an independent advertising consultant and my wife has a $1500 a month job. That is all we have. My job may pick up as we have some new products.
Would chapter 7 help stall this collection or make it worse. I understand that we will still owe the money. Any suggestions?
1 Answer from Attorneys
A chapter 7 would only discharge income taxes that are at least 3 years old, so from your description it doesn't sound like filing bankruptcy would help unless you have other debts to consider.
If you are working with an attorney who is used to dealing with the IRS, then I'm sure that he/she will do everything possble to assist you. You or your attorney might want to consider contacting the Taxpayer Advocate's office at the IRS to provide further help.
Good luck to you.
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