April 15th — everyone’s favorite day of the year — is just around the corner. Some of us will be getting money back from the government (and, a reminder, if that’s you, give me a call — as a Chapter 13 bankruptcy lawyer Memphis TN trusts, I’d love to help you use your refund to buy a new life free from debt). Others will owe taxes. But many more won’t pay their taxes at all.
Millions of Americans owe billions in back taxes, penalties, and interest.
IRS data from 2009 showed that 8.2 million Americans owed $83 billion in back taxes.
You might be reading this and wondering, why would someone go and not pay their taxes? Sometimes it’s as simple as procrastination or feeling overwhelmed by the paperwork. In other cases, significant life events — death, illness, a job loss, or divorce — make it hard to accomplish everyday tasks, let alone taxes.
Many people can’t pay their taxes because of financial hardship. If that’s you, you should know that there’s a way out. You don’t have to worry that the IRS will take your paycheck from you by force.
Chapter 7 Bankruptcy and Back Taxes
Now, you have different options. It all depends on your circumstances. If your tax debt meets the criteria below, a Chapter 7 bankruptcy could help wipe away all of your debt.
- The tax must be at least 3 years old.
- It must be simple income tax.
- The returns must have been filed on time.
Chapter 13 Bankruptcy and Back Taxes
If your tax debt isn’t at least 3 years old, I can still help you through a Chapter 13 consolidation plan. This will help you get out of debt over time, with affordable monthly payments. That means in about 5 years, you’ll have a new debt-free life.
Regardless of your circumstances, I can help you so that you’ll no longer have to worry about IRS collection efforts or seizure of assets.
Talk to a Chapter 13 bankruptcy lawyer Memphis TN trusts today
If you’re ready to take control of your tax debt, call (901) 327-2100 to speak with the Chapter 13 bankruptcy lawyer Memphis TN trusts or contact us here. We’ll look at your situation and discuss your goals — no strings attached.