It’s one of the most dreaded times of the year. Tax season is stressful enough in and of itself, but when you owe back taxes, it’s a whole different ball game.
As humans, we are prone to procrastination. People in debt often put off dealing with the problem for as long as they can. There are many reasons why this is a bad idea. Tax debt specifically can’t be avoided.
The IRS is empowered by law to garnish your wages and place liens on your home. But there is a way out.
I’ve recently written about how Chapter 7 bankruptcy can clear your tax debt. That’s a great option for you if your tax debt is at least three years old and you filed the returns on time. But even if you don’t meet those criteria, I can still help you. We often help folks whose tax debt is not within that timeframe through a Chapter 13 consolidation plan.
What to know about Chapter 13 bankruptcy and tax debt
A Chapter 13 bankruptcy lets you keep your assets. It doesn’t wipe away your debts instantaneously, but rather allows you to get out of debt over time — without fear of losing your home or your car. We’ll set up a payment plan that consolidates your debts into affordable monthly payments.
If your tax debt is recent, it’s a great idea to file a Chapter 13. It’s simple, too. Under a Chapter 13, you have protection from the IRS. You will not have to worry about calls from collection agencies, or ongoing interest and penalties.
Both Chapter 13 and Chapter 7 have the power to:
- Stop IRS collection efforts
- Prevent seizure of assets
- Prevent penalties from accruing
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.
And if you’re one of the lucky ones getting money back from the government this tax season, consider using that refund to buy your financial freedom. If you’re in debt and you get a refund, there’s no better use of it than to file for bankruptcy, in my opinion, as a Chapter 13 bankruptcy lawyer Memphis TN has relied on for over 30 years.
If you know you’re getting a refund, call us at (901) 327-2100 to set up a free consultation.