Strategy to deal with parents tax debt?
I originally joined here when I thought I could file for bankruptcy to protect myself from my deceased father's federal government debt that is being collected by garnishing my wages and taking my almost paid off home. My dad died seven years ago and the government came after me for the debt. All the lawyers I have talked to said there is no protection for me. Just asking if any one may have had to deal with this. The debt is $500k so it will keep me poor for the rest of my life. Anyone had any luck beating this type of debt or reducing it?
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You really need to speak with an enrolled agent and/or tax attorney that specializes in an Offer in Compromise. We do not deal with tax debt on this site so much... especially not at that level. I also do not practice tax law and I'm not an enrolled agent. The OIC route is the only way to go.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
Did you receive assets from your dad worth $500,000? You are only responsible for a decedent's debt up to the value of assets you inherit from them.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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