Relief From Crushing IRS Tax Debt
Many California bankruptcy lawyers will not handle cases involving substantial IRS tax debt. They are not qualified to analyze IRS tax debt in order to determine whether or not it can be discharged in bankruptcy. The IRS and FTB can be aggressive in filing liens and garnishing wages and bank accounts. You need experienced and creative attorneys to help you.
At Weintraub & Selth, APC, our attorneys understand tax restructure and discharge and know that some or all of tax debt can, in fact, be eliminated in bankruptcy under specific circumstances. Whether a state or federal tax debt is dischargeable or not depends upon several things that a knowledgeable attorney will be able to determine. Once we speak with you, we will help you know whether bankruptcy is a realistic option for eliminating your IRS and state tax debt.
Under Chapter 11 and Chapter 13 of the Bankruptcy Code, individuals are allowed five years in which to repay IRS tax debt, a much longer term that is typically available out of court. While Chapter 11 “reorganization” is typically used only for individuals whose debt exceeds the maximum limits for Chapter 13. We also frequently use it for business and filing bankruptcy may be an effective way of preventing tax levies and the attachment of a tax lien.
IRS Tax Debt Relief Options
Even in cases where IRS tax debt cannot be discharged in bankruptcy, our team can help you analyze your other options, including putting the tax into a 5 year repayment plan or making an offer in compromise to reduce the overall amount of tax debt you owe the IRS. We can also help you negotiate an installment agreement that allows you to pay back IRS tax debt over two years.
To discuss your particular circumstances with an experienced California bankruptcy and IRS tax debt relief lawyer, please call our L.A. office at (310) 584-7702 or toll free at (866) 572-2423. You may also email us with any questions or to request an appointment.