Chicago Bankruptcy Attorneys Help With Declaring Bankruptcy
by admin on 13/05/10 at 1:51 pm
Declaring Bankruptcy and Eliminating Tax Debt
Most Chicago bankruptcy attorneys agree that depending on your situation, declaring bankruptcy might be an option for you and in some cases bankruptcy can help eliminate tax debts. But REMEMBER: Declaring bankruptcy may not discharge all of your tax liability. Caution must be used when considering filing a bankruptcy for your tax problems and should consult a bankruptcy tax attorney as soon as possible. An offer in compromise will discharge ALL of the tax liability you cannot afford to pay back.
While certain tax debts are eliminated by declaring bankruptcy, not all tax debts can be eliminated by declaring bankruptcy and you should fully understand the consequences of declaring bankruptcy and other options made clear to you by your bankruptcy attorney and tax resolution firm.
Warning! If you have received a certified letter from the IRS, contact us immediately. If certain steps are not followed, you could lose your rights.
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Declaring Bankruptcy – Can I avoid alimony or criminal prosecution?
We get this question a lot and we want to mention that filing a bankruptcy will not prohibit criminal prosecution or eliminate your tax debts and that a taxpayer may not use bankruptcy as a reason to excuse any financial obligations for alimony or child support by declaring bankruptcy.
Bankruptcy Attorneys Can Help With Declaring Bankruptcy
If you’re considering declaring bankruptcy because of tax levy, tax lien or wage garnishments, examine all your other options first. A reputable tax resolution specialist should advise you of other tax debt relief besides declaring bankruptcy that could stop the IRS and give you a more favorable credit situation than declaring bankruptcy.
Declaring Bankruptcy? If You Qualify For A Bankruptcy You Probably Qualify For An Offer In Compromise
If you have tax debt that could be eliminated by declaring bankruptcy and you qualify for a bankruptcy, you probably qualify for an offer-in-compromise. This, in many cases, is a better alternative than declaring bankruptcy.
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