Taxes and Bankruptcy: The Nuts and Bolts
Back Taxes And You! You're worried about not
paying some money that you owe the IRS!
Well! Why shouldn't you be worried? Back
taxes owed is nothing to ignore! What's that
you say? You don't have the money and you
can't raise it! If you owe State, Federal,
or local taxes and you are also behind in
other payments to creditors, Federal Laws
can give you assistance.
Filing Bankruptcy Stops Tax Garnishments!
Many times, the biggest pressure on you is
the garnishment the IRS or State Revenue
Office has in place....a garnishment that is
sucking out of your wages and away from your
family money that is desperately needed to
take care of you and your family. Filing
bankruptcy stops tax garnishments....Cold.
As soon as the taxing authority finds out
about your bankruptcy, it is supposed to act
immediately to stop the garnishment. How
powerful is that? It does NOT matter what
kind of tax you owe. The garnishment must
stop. You may still owe for the tax, but
with the garnishment stopped and the other
powers bestowed upon you by filing
bankruptcy, you are in a better position to
deal with that tax on terms you can afford,
with you in control...instead of them.
And...if the tax is of a kind that you can
get rid of in bankruptcy...that is the end
of the garnishment...forever.
A Lot Of IRS Income Taxes Are
Dischargeable:
Next....if your problem is Income Taxes (as
opposed to something like Withholding
taxes), we first look to see how old it is.
Why? Because...if the taxes you owe are more
than 3 years old, you may not have to pay
them back at all. Let me repeat that. You
may not have to pay it back at all. Most
people and even some bankruptcy attorneys
don't know this....but the fact is that
certain older taxes are
"dischargeable"....which means you can get
rid of it by filing bankruptcy and not pay
it back...ever. There are 4 rules to apply
to see if your back income taxes are
dischargeable....but fortunate for
you.....we know the rules....inside and out.
We apply these rules all the time.....and we
also know how to get dead-accurate
information from the IRS itself to verify
what you owe and whether it is dischargeable
under these 4 rules.
Suffice it
to say.....we get rid of hundreds of
thousands of dollars in income taxes for our
clients every year.
What About The Taxes I Can't Get Rid Of?
We can get you up to 60 months to pay it
back. This assumes you file the "Loan
Consolidation" type of Bankruptcy case. This
is also called a "Chapter 13 case".
What does
this mean? It means you can get the IRS off
your back for 60 months. It means you can
set up payments that may be affordable. For
instance....if you owe the IRS $12,000.00 in
"non-dischargeable" taxes, you can....in
most cases....force the IRS to take payments
of as little as $52 per week. In many...if
not most....cases, you can also force the
IRS to take payments....without adding
interest. That's a lot better than just
worrying.....a lot better than having the
IRS grab your stuff or levy on your bank
account.....or worse...a lot better than
having the IRS garnish your wages.....and a
whole lot better than having to come up with
$12,000 in case.
Disclaimer:
Sure there's more too it than just this, but
it's complicated to generalize and cover
everyone's potential situation. Results will
vary depending on a lot of things. This example
and explanation covers a good general
description of how Federal Law takes a situation
and fixes it for you. This information is
general.....but should tell you that even a very
bad situation can afford some fantastic
possibilities if you talk to the right person. |
