Bankruptcy is a constitutionally-granted right that has helped thousands of people obtain relief from overwhelming tax debt. Thinking Outside the Box, Inc., can help you identify and address a full range of tax issues and tax problems. We can help level the playing field between you and the IRS or you and your creditors.
Bankruptcy and Tax Debt
Through a Chapter 13 bankruptcy repayment plan, individuals with tax debt are able to pay back the IRS on better terms than they would be when dealing directly with the IRS. Specifically, tax payers are able to pay back the IRS interest-free (currently, your back taxes are accumulating interest currently at a rate of six percent).
In certain cases, bankruptcy can discharge taxes altogether. However, this is not an easy process, and certain specific requirements must be met. For one, taxes must be more than three years old. Additionally, taxes must have been filed before the bankruptcy petition is filed. The rules and requirements for discharging tax debt are very complex, so it is advisable to work with an experienced bankruptcy and tax attorney. We urge you to contact our firm to learn about your specific options, and to learn whether your taxes can be discharged through Chapter 7 bankruptcy.
Learn more about these related topics:
- Tax problems
- Tax scams
- Bankruptcy and tax debt
- Help preparing unfiled tax returns