Q: Self employed no assets. Tax lien from a different state 6yrs old. Is it worth paying for bankruptcy?
I moved from California in 2011, made less than 10,000 that year, did not file had no money. Had to move and start over or starve. They have put a lien on my credit score of 11,000. Since I am self employed and am required to pay state and fed myself they cannot take a return from me. As I have no assets is it worth scraping togather the money do file chapter 7 ? I have nothing for them to take outside of a checking account with a couple hundred dollars in it. I am afraid to file taxes here on a small bussiness. I am a therapist and make just enough money to get by.
A: For income taxes to be discharged in bankruptcy: they must have been due more than three years before filing bankruptcy, you must have filed your return more than two years before filing bankruptcy, and the taxes must have been assessed at least 240 days before filing bankruptcy. Note that all these elements must be satisfied.
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