Settle Your Irs Tax Debt In Bankruptcy Exploding The Myths-mia farrow

13 Jun

Finance For those of you who have reached a level of debt that you don’t have any hope of ever getting out of, bankruptcy may be your only option.  But there is one creditor that you have who won’t be so easy to appease through any type of bankruptcy.  That creditor, who makes even bankruptcy attorneys shake in their boots, is the IRS .    You may want to give some thought to finding expert IRS tax problem help and explore other viable ways to resolve your tax debt situation.  And here is why.  Today a bankruptcy is difficult enough to get accepted (the official term is discharged) for regular debts.  An IRS tax debt is a whole different beast, and can be waiting to pounce on you even after you’ve settled your other debts.  Can an IRS tax debt be discharged in a bankruptcy?  It can, but it will be the hardest debt you have to deal with.                Some of the facts about an IRS debt and Bankruptcy:  ·         You can not include any years filed less than 3 years ago.  For example if you’re filing bankruptcy in 2007, then the last tax year you have debt from that you can include would be 2004.  The taxes for that year had to have been filed on time, no extensions; and you had to have filed it.  If the IRS filed the return for you then “no dice”.    ·         Interest and penalties continue to accrue during the length of the bankruptcy.  So if your bankruptcy ends up getting denied (the official term is dismissed) you will still owe the original IRS debt plus interest and penalties!    ·         The time that you are in bankruptcy extends the Statue of Limitations on your IRS tax debt.  The statute is the amount of time the IRS has to collect your debt.  It is normally 10 years, but a bankruptcy increases that time limit giving the IRS more time to get your money.    ·         If you have an IRS tax lien it stays on your credit for 10 years from the time it was placed regardless of whether your debt was settled.  The IRS may not have gotten your money, but they still got your credit.     You may want to consider hiring a separate tax professional for your IRS tax debt. Tax reduction firms that specialize in IRS tax problem help are knowledgeable in all the relief programs available to taxpayers. They are very often able to provide workable solutions so you do not have to try to include your tax debt in a bankruptcy.  If your financial situation is so dire that you’re filing bankruptcy, it may possible to settle your IRS tax debt for less through an Offer in .promise.  That relief program is just one of the options that may be available as you f.e ahead to identify forms of IRS tax problem help that might be right for your unique situation! About the Author: 相关的主题文章: