QUESTION
Can we keep our possessions if we come to an IRS tax agreement?
Asked on Jan 02nd, 2011 on Taxation - Illinois
More details to this question:
If my husband and I set up a pay arrangement/agreement with the IRS for taxes owed, will we get to keep our possessions?
3 ANSWERS
Business Litigation Attorney serving Columbus, OH
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E. Ray Critchett, LLC
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Generally, a tax attorney or other tax professional can assist you with coming to a reasonable agreement with the IRS which will allow you sufficient funds to continue living and to retain your possessions. You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. You can also schedule an appointment or obtain additional information at our website.
Answered on Nov 27th, 2012 at 11:47 AM
Bruce Givner
Of course that depends upon the agreement you reach with the IRS. However, the answer almost certainly is going to be "yes."
Answered on Jan 03rd, 2011 at 10:13 AM
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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Yes, although IRS may file a lien that encumbers your possessions. The lien should not be an impediment, though, if you make your monthly payments. It may also be possible to settle the debt with IRS for some lesser amount - depending on the equity in your assets and your income.
Answered on Jan 03rd, 2011 at 7:43 AM