The existence of a Federal Tax Lien in a Chapter 7 bankruptcy case is a dangerous thing. Especially in cases where a debtor has substantial equity in a home or other assets.
Why are tax liens so dangerous? Because property exemption laws, such as the Homestead Exemption, do not apply to federal tax liens.
Depriving local governments of tax revenue is like cutting off oxygen to the body–they can’t live without it. Local governments and schools in Nebraska depend on a steady flow of real estate tax revenue to keep their doors open.
To prevent cash flow problems caused by homeowners who fail to pay real estate taxes on
Contrary to popular belief, a taxpayer may discharge income taxes in bankruptcy as long as the bankruptcy is not filed too soon after the tax return is filed. As a general rule, you can discharge income taxes that become due more than 3 years before filing bankruptcy, as long as it has been at least