Can we keep our possessions if we come to an IRS tax agreement? 4 Answers as of November 27, 2012

If my husband and I set up a pay arrangement/agreement with the IRS for taxes owed, will we get to keep our possessions?

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E. Ray Critchett, LLC
E. Ray Critchett, LLC | Ray Critchett
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.
Answer Applies to: Ohio
Replied: 11/27/2012
Givner & Kaye
Givner & Kaye | Bruce Givner
Of course that depends upon the agreement you reach with the IRS. However, the answer almost certainly is going to be "yes."
Answer Applies to: California
Replied: 1/3/2011
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
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.
Answer Applies to: Illinois
Replied: 1/3/2011
LT Pepper Law
LT Pepper Law | Luke T. Pepper
As long as you keep the payment plan, the debt will be settled under the terms of the agreement protecting your property from further exposure.
Answer Applies to: Pennsylvania
Replied: 1/3/2011
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