Q: Can I pause my installment agreement to pay for my chapter 13 bankruptcy
A:
An "installment agreement" for what? Youe house, a car, a debt consolidation program?
There are various ways to pay for a Ch. 13 bankruptcy, but to answer your question reliably, a practitioner will need your fully detailed financial situation.
Confer with an experienced bankruptcy attorney in Ohio for your best answers.
Timothy Denison agrees with this answer
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A:
If you're currently making payments on an IRS installment agreement and considering Chapter 13 bankruptcy, you'll need to notify the IRS immediately about your bankruptcy filing.
Once you file for Chapter 13 bankruptcy, the automatic stay goes into effect, which temporarily stops most collection actions, including your installment agreement payments to the IRS. Your bankruptcy trustee will work with you to create a new payment plan that includes your tax debt along with other obligations.
Keep in mind that not all tax debts can be discharged in bankruptcy, and some must still be paid in full through your Chapter 13 plan. Before making any decisions, it would be helpful to consult with both a tax professional and bankruptcy attorney who can review your specific situation and guide you through this process, as the rules around taxes and bankruptcy can be complex.
Timothy Denison agrees with this answer
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