6 Strategies to Extend Savings Without Working Longer

6 Strategies to Extend Savings Without Working Longer

Karen Arndt, 60, has tinkered with several retirement calculators, and they all generate the same finger-wagging advice: Keep working, they seem to warn. You’re not even close.

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Can any Taxes be Forgiven in a Chapter 7?

Yes.  The interplay of the tax codes and the Bankruptcy Code is complex, but in somewhat oversimplified terms, if a tax return creating a tax debt was filed more than three years before the filing of the Chapter 7 petition, the tax debt can be discharged. Stated another way, if a Chapter 7 petition is filed within three years of the filing of the tax return creating the tax debt, the tax debt cannot be discharged, and the Debtor will still owe the taxing entity when the Chapter 7 is completed.  Certain taxes, such as employer withholding taxes, will not be forgiven, however, even if they are older than three years, and if you have not filed your income tax returns, even older taxes may not be forgiven.  Even then, however, a Chapter 13 filing can allow more time to pay in accordance with a plan, without additional penalties and interest to accrue.