Many people with tax debt wonder if bankruptcy could be the answer to their problems. There are no simple answers, and whether bankruptcy is the right solution for you depends upon your specific financial situation, including the type of tax debt you have. Some IRS tax debts can be discharged through bankruptcy, while others cannot. If you are considering bankruptcy, your first priority should be to speak with an experienced bankruptcy attorney.
A qualified bankruptcy attorney can help you determine whether your IRS tax debts are dischargeable through bankruptcy. There are a number of factors that must be considered, such as how old your tax debts are, how your tax debts arose in the first place, and whether you will qualify for bankruptcy protection. Bankruptcy laws can be complicated, so guidance from an experienced bankruptcy attorney can help you make the right decision.
If your tax debt is determined to be dischargeable through bankruptcy, then your obligation to pay the tax debt will be eliminated. However, if a federal tax lien is already filed against your property, then the lien will likely stay in place. Your bankruptcy attorney can help you determine whether a tax lien will likely survive your bankruptcy filing.
Filing for bankruptcy can be a difficult decision and can have a lasting impact. If IRS tax debts are your only debt problem, then bankruptcy may not be the best solution for you. There are a variety of options available for resolving your IRS tax debts, such as an Offer in Compromise, Installment Agreement, or placement on Currently Not Collectible status. However, if your IRS tax debts are just one of the many debts you have, then bankruptcy may be the answer to your debt problems, so that you can get the fresh start you deserve.
IRS Tax Relief
IRS Tax Levy