TAX BANKRUPTCY OVERVIEW

If you’ve been struggling for a while with serious IRS income tax debt and with other debt problems, bankruptcy may be a real solution.

YES, IRS INCOME TAX DEBT CAN BE “WIPED AWAY” IN BANKRUPTCY

I often hear surprised responses when I explain that certain income tax debt obligations are dischargeable in bankruptcy, but yes, surprisingly they are. The catch is that the tax debt has to meet certain date and other requirements and bankruptcy needs to make sense overall.

IT IS A LAST RESORT, BUT,

Despite having helped many clients over the years use bankruptcy to deal with IRS debt issues, I continue to consider it a last resort. However, It’s a last resort that’s often the best “resort”. Many people with serious IRS debt aren’t good “settlement” candidates and have been struggling as they try to make a large IRS installment payment they really can’t afford. Often this is coupled with other debt issues that have been made worse as money is used to deal with the IRS debt. At some point bankruptcy moves from the last resort category to the best “resort” category as a result.

HOW TO KNOW?

An attorney experienced in using IRS offers in compromise, bankruptcy, partial pay agreements etc. can review your IRS history and your financial situation and provide a breakdown of the pros and cons of each option. In going through the process, you should be able to see what path makes the most sense short and long term. Without a review by someone with that experience, you’ll remain in the dark about whether bankruptcy can help.

HELPING ARIZONA CLIENTS USE BANKRUPTCY TO DEAL WITH IRS DEBT, WHEN IT MAKES THE MOST SENSE

WHAT’S YOUR NEXT STEP?

If you’ve been struggling with a serious IRS income tax debt and with other debt problems, set a time to speak with me. I’ll ask some questions and then can look at your IRS history and your finances generally to help you determine whether bankruptcy may make sense versus other options.

Over the years I’ve been able to help many clients discharge large amounts of IRS debt and other debt using bankruptcy and may be able to help you as well. I look forward to talking.