Columbus Bankruptcy Attorney Handling IRS Issues
If you owe past-due federal or state taxes that you cannot pay, bankruptcy may be an option. Other options include an IRS payment plan or an offer in compromise.
If you are contemplating filing for bankruptcy, and you owe the IRS or state tax debt, seek the advice of experienced legal counsel regarding your IRS debt and all other bankruptcy-related issues.
For individuals, the most common type of bankruptcy is a Chapter 13. Before you consider filing a Chapter 13, here are some things you should know:
- You must file all required tax returns for tax periods ending within four years of your bankruptcy filing.
- During your bankruptcy you must continue to file, or get an extension of time to file, all required returns.
- During your bankruptcy case, you should pay all current taxes as they come due.
- Failure to file returns and/or pay current taxes during your bankruptcy may result in your case being dismissed.
- Partnerships and corporations file bankruptcy under Chapter 7 or Chapter 11 of the bankruptcy code. Individuals may also file under Chapter 7 or Chapter 11.
Some tax debts may be discharged in bankruptcy, which means that you would be free of the obligation to pay the tax debt after the discharge in the bankruptcy. The tax debt must meet certain criteria in order to be discharged. Your attorney will be able to provide you with information to determine if the debt is discharged in the bankruptcy.
We are extremely detailed in our preparation regarding your bankruptcy and IRS Debt related issues, provide a comprehensive approach in seeking a successful bankruptcy, and guide you through this difficult process with the dignity and respect you deserve.