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I owe the IRS a substantial amount of money and they have put a lien on my condo that I own. I also have substantial credit card debt.
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Trusts and Estates Attorney serving Jacksonville Beach, FL
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Good morning.
I am sorry for the financial trouble you've experienced. Fortunately, a chapter 13 bankruptcy might help in your situation. Depending on the amount of the lien, you might qualify for a payment plan to repay the IRS debt during your case. Credit cards and many other debts may also be included.
A chapter 13 repayment plan typically ranges from 3 to 5 years. They are complex, so you will need a bankruptcy attorney to sit down and assess the overall feasibility of your options under the bankruptcy code.
Regardless of whether you file bankruptcy, I hope things improve for you. Best of luck to you and your family.
Answered on Jan 25th, 2021 at 5:49 AM