Personal Debt-Information On Average Personal Debt, Personal Debt Consolidation Loan, Personal Debt Consolidation

asked:


My personal property tax was past due, I had plans to pay it with my tax refund. We lost both our jobs and were extremely hard up for money. I filed my taxes for VA and I just said my refund amount was reduced due to other debts owed. Could that be my personal property tax? The amount seems close to what my taxes were. Please don’t be rude, just help me if you can.

Nona Sporich

Wendy C asked:


My husband’s business is run as a sole proprietorship. We are considering filing personal Chapter 7 bankruptcy. One of the credit cards we would like discharged was used for business expenses only. We have already deducted the business expenses on our 2010 income tax, even though at this point they have not technically been paid. If the debt is discharged, how does this affect our income taxes? Will we have to file an amended 2010 return omitting the expenses, thus paying more tax? Thanks!

Charlott Snellbaker

Victor asked:


All the checks are from the same person, out of personal debt. I rented my cousin an apartment and agreed to receive payment when she was able to. She gave me 4 checks totaling that amount. 1 per day (dated for next week). Thanks !

Craig

Pianist1 asked:


I have 2 Missouri Court judgments against a previous tenant of mine totaling about $15K. One from Small court for rent she owed me for months of not paying, and a second judgment from a civil court for damages they did to my property after the couple was finally evicted.
For a while I was able to collect a tiny amount via garnishment via her employer. Then she left that job and I am unable to track her. I heard that there is a way to have the IRS send the annual refund money to me instead of to that individual until such time when her debt to me is paid. I did research online, and only found it true for MI state. I went to my local IRS office and the man did not know what I was talking about. He said he only heard of government agencies being able to do that due to lack of paying child support, etc. but that he never heard of an individual being able to do that.
I should mention that this couple is a professional scammers who did this to other landlord before and have a long court and police record. They do not own a house or a vehicle.
Any advice? Suggestions on how I may file to request to have her tax refund sent to me each year to satisfy her debt?
Thank you
I just read on Yahoo answers that Michigan is the ONLY state that allows individuals to garnish income tax refunds from defendants.
That means that renters will continue to take advantage of landlord (in Missouri at least).

Cathie Piscitelli

Buddy L asked:


If you negotiated the purchase of shares of stock in a c-corporation by having the company purchase the stock but being a personal guarantor and the company failed, does a partial settlement of the debt by the guarantor result in ordinary income tax liability?

Emil Ferm

Priscilla asked:


Yeah I got two questions more if you don’t mind

where does the national debt come from?

when the fed reserve lowers the interest rates why does the stock market ralley but dollar deflaits?

Thanks for helping me I really appreciate it.

Darline Lavanchy

Erik asked:


I made a personal loan which is non-collectible. The promissory note has a stated rate of interest.

For purposes of US Federal taxes, does the bad debt deduction include the non-paid accrued interest, or only the principal?

Thanks.

Anthony

M asked:


He didn’t pay his student loans and now the the government has seized his tax return. We are both managing members of a Florida LLC and have a joint business bank account. Can they try to levy the LLC’s bank account as well for his personal debt?
The bank account is titled in the business name aka “BUSINESS LLC” but both are named as owners of the account on the banking account agreement.

Maegan Harbinson

bud_frazier asked:


I have a sole proprietor business. I owe the IRS money personally. There is a separate taxpayer ID for the business. Can they attach the business account for the personal debt?

Bruno Kinyon

COURT727 asked:


Someone I know has had a Federal Tax lien for some years now. He is currently trying to get the situation taken care of, at the same time he has a couple judgements on that needs to be repayed. The debt collectors recently sent the Sherrifs to his house and served papers stating they would start confestcating((<--spelling :[ )) personal property if they weren't paid. My question is if you have a Tax Lien that is the 1st priority that needs to be met so by law are they allowed to come confiscate personal property? He is currently Defaulted on the lien and the revenue officer says he doesn't have to pay until he starts bringing in more money. PLEASE HELP! thanx

Dean