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| Author |
Message |
bru
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IRS Blues
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Apr 10 03:28 UTC 2002 |
Okay, once again I owe the government money. (how we can make not enought
to live on and still owe the government is beyond me.) This time it is close
to forcing me into bankruptcy. Does anybody know :
A. What the proceedure is to pay the feds if you don't have the money to pay
them and cannot borrow any money.
B. a good credit counciling agency.
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| 144 responses total. |
jp2
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response 1 of 144:
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Apr 10 03:59 UTC 2002 |
This response has been erased.
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gelinas
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response 2 of 144:
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Apr 10 04:26 UTC 2002 |
Are you a member of the UM Credit Union, bru? They have a deal with a
financial counseling service: first hit is free. I've got their card
somewhere, but I didn't put them in my addressbook, so I'll have to find the
address later.
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polygon
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response 3 of 144:
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Apr 10 05:57 UTC 2002 |
Friends of mine who have faced the problem of large IRS bills and
small incomes have found that the IRS is quite accomodating.
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bdh3
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response 4 of 144:
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Apr 10 07:36 UTC 2002 |
And as I recall personal bankruptcy doesn't eliminate IRS debts.
And do contact the IRS, like any organized crime outfit their
goal is to keep you in the system not force you out of it.
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aruba
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response 5 of 144:
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Apr 10 12:39 UTC 2002 |
What I've heard agrees with what Larry and Brian said. The IRS will be
willing to work with you on it.
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brighn
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response 6 of 144:
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Apr 10 13:31 UTC 2002 |
#4> I wouldn't be surprised. Student loans are exempt. The government is very
willing to erase your debts with other people, they're just not all that keen
on letting you erase your debts with them. ;} But they ARE very willing to
just start charging you interest, so long as you tell them you can't pay just
yet (you can put off student loans for as much as a year without any good
reason, and longer for things like maternity leave, health problems, and
extended unemployment).
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jep
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response 7 of 144:
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Apr 10 14:05 UTC 2002 |
If you're a member of the U-M Credit Union, their WWW page is
http://www.umcu.org. The link to their budget counseling service is
http://www.umcu.org/fintools/budget.html. Their service is linked to
First of Washtenaw, phone 663-7900. My wife went to them before we
were married, and spoke highly to me of Kathryn Greiner, early in our
marriage.
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brighn
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response 8 of 144:
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Apr 10 14:34 UTC 2002 |
If you're not a member of the U-M Credit Union, is their WWW page something
else? ;}
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jep
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response 9 of 144:
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Apr 10 14:39 UTC 2002 |
No, but their services may not be available to you and so you might
want to disregard the link. (-:
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keesan
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response 10 of 144:
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Apr 10 15:39 UTC 2002 |
Three of my translator colleagues reached agreements with the IRS to gradually
pay off their debts. One of them was mad because the IRS required her to cash
out her mutual fund to pay them. I am mad because she would not do so to
repay me a loan which it looks like she will never repay. She keeps buying
new computers.
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polygon
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response 11 of 144:
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Apr 10 15:52 UTC 2002 |
If the situation is hopeless, and your current assets and income are tiny
compared to the tax liability, the IRS will put you in what they call
"non-collection status."
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jp2
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response 12 of 144:
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Apr 10 17:09 UTC 2002 |
This response has been erased.
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brighn
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response 13 of 144:
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Apr 10 17:48 UTC 2002 |
#12> You may want to read your promisory notes closer. My loans were through
Sallie Mae, but they're exempt from bankruptcy.
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jp2
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response 14 of 144:
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Apr 10 17:57 UTC 2002 |
This response has been erased.
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gull
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response 15 of 144:
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Apr 10 19:25 UTC 2002 |
The advice I've heard is that if you intend to pay, you should talk to
the IRS -- they'll work out a payment plan with you at a fairly low
interest rate. If you *don't* intend to pay, pay your taxes with a
credit card. The IRS can come after you in a lot more ways than the
credit card company can.
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brighn
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response 16 of 144:
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Apr 10 19:36 UTC 2002 |
That presumes you have a credit card. >=}
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polygon
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response 17 of 144:
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Apr 10 19:45 UTC 2002 |
Re 15. Agreed on all counts. The IRS has been known to require people to
max out credit cards to pay their taxes. That sounds brutal, but as you
say, it actually leaves a debtor in better shape legally. For example,
bankruptcy can erase credit card debt.
On the other hand, the IRS is probably more patient and reasonable about
setting up payment plans than any credit card issuer or private-sector
collection agency would be.
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gull
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response 18 of 144:
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Apr 10 20:22 UTC 2002 |
Right, and the interest rates will likely be lower from the IRS than
from any credit card issuer.
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jmsaul
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response 19 of 144:
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Apr 10 20:45 UTC 2002 |
Not necessarily. Their rates are pretty high.
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russ
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response 20 of 144:
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Apr 11 01:10 UTC 2002 |
And this is where Rhiannon needs to do her part for the family.
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jp2
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response 21 of 144:
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Apr 11 01:32 UTC 2002 |
This response has been erased.
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senna
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response 22 of 144:
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Apr 11 02:14 UTC 2002 |
I had a feeling that was going to come up from the source.
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bru
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response 23 of 144:
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Apr 11 03:17 UTC 2002 |
Spoke with the IRS and they said they are willing to set up a payment plan
over several years.
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fitz
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response 24 of 144:
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Apr 11 08:07 UTC 2002 |
I was in this situation when my first wife gave me the heave-ho. My
exemptions had been figured for a family and when I was suddenly single, not
nearly enough was withheld.
So, I waited to file to the legal limit (give or take a day) for extra time
to come up with the tax I owed. My filing was filled out so that the IRS
would compute the tax itself. After two months or so, I received a bill from
the IRS and the deadline for paying the bill had another few weeks added to
the length of time that I had for saving up the tax.
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