Bankruptcy is a legal procedure whereby people, organizations, and associations can release or pay back tax obligations and other debts with the assistance of a court designated trustee. Understand there are different types or chapters and every chapter will treat tax obligation in an unexpected way. Bankruptcy is a legal viable option that be utilized to discharge old tax debt if certain criteria is met. Our Team at incometaxhelpline.com is well versed in the Bankruptcy code and procedure and in certain instances maybe able to assist you in filing for bankruptcy
The two common kinds of bankruptcy important to discharging or reimbursing tax obligations are Chapter 7 and Chapter 13. Section 11 is a perfect fit for organizations hoping to reorganize their tax obligations, and Chapter 12 applies to people with farms.
In Chapter 7, is a short-term bankruptcy where old tax debts may discharged if certain prerequisites are made. If this option is viable for you, our team will discuss it with you and discuss the particulars.
In Chapter 13, is a long-term bankruptcy where your old tax debts are paid through and installment plan funded by the taxpayer’s wages. If you do not qualify for chapter 7 this option may work for you. Again, our experts will discuss all options with you.
No matter where you are in the tax process, our experts can assist you with options and solutions.