A Chapter 7 bankruptcy is a wonderful tool to obtain tax relief in limited circumstances. However, a Chapter 7 bankruptcy will not provide any relief to you for:
Frequently, taxpayers are disappointed with the limited tax relief bankruptcy may afford. In addition, there may be lingering issues related to federal tax liens even if the underlying liability has been discharged in a bankruptcy.
If you are considering bankruptcy as an option to solve your tax matters, be sure to closely question your bankruptcy attorney to determine whether he or she has verified that the bankruptcy will provide the expected relief regarding your unpaid tax liability. Not all bankruptcy practitioners understand the complexity of the bankruptcy code as it relates to the treatment of taxes.
Although bankruptcy can be an effective tool for certain types of taxes, it should be used as a last resort. There are many other options short of bankruptcy to effectively deal with your tax liability and without harming your credit.
Since its inception in 1991, the tax lawyers at the IRS Trouble Solvers™ have successfully resolved many tax cases without the need for filing bankruptcy. IRS Trouble Solvers, LLC builds upon its past successes and has developed alternative programs to bankruptcy that promotes positive results for clients.
If you are considering bankruptcy to obtain tax relief, call us to discuss other options. If you have already filed a bankruptcy and still have an unpaid liability due to the IRS, call us, we can help. Your BEST bet to resolve your IRS Debt!®