Mark your calendars: Monday, January 27th will be the opening day for the 2020 tax filing season.
Though some people will wind up with a refund this year, few of us actually enjoy doing our taxes. For others, this year may merely add to a pile of existing tax debt. Millions of Americans struggle to pay their taxes. According to the IRS data book, there were more than 14 million open tax-debt cases against individuals and businesses at the end of 2017.
Don’t assume your tax debt will resolve itself.
You never want to ignore a financial problem, but avoidance becomes much more dangerous when you’re dealing with the IRS, which is empowered by law to garnish your wages and place liens on your home.
As a bankruptcy lawyer, I help families rebuild financially and regain freedom. Significant tax debt can interfere with planning for the future, and bankruptcy was specifically designed to give you a way out in these cases. Both federal and state tax debt can be discharged during the process. There are different types of bankruptcy, so it’s important to talk to an experienced bankruptcy lawyer about which option is best for your situation
Tax Debt and Chapter 7 Bankruptcy
A Chapter 7 bankruptcy allows you to eliminate dischargeable debts, including credit card bills and medical debt. It gives you freedom from creditor harassment, wage garnishment, and debt collection lawsuits against you.
If you meet the criteria below, I can help you wipe away your tax debts in a Chapter 7 bankruptcy.
- The tax is at least three years old.
- It’s simple income tax.
- The returns have been filed on time.
Tax Debt and Chapter 13 Bankruptcy
Have tax debt that isn’t three years old? Not to worry. I can still help you through a Chapter 13 consolidation plan, which consolidates your taxes, and other debts, into affordable monthly payments spread over three to five years.
Clear your tax debt with a Memphis bankruptcy lawyer’s help
If you’re struggling to pay your taxes, there’s no need to feel shame. The important thing is to move forward, and our lawyers are here to help you do just that.
Give us a call at (301) 927-2100.