Tax Debt in Queens – Bankruptcy Attorney
How to Handle Unpaid Taxes
IRS tax debts can be handled in several ways depending on your financial situation. Some solutions to unpaid taxes include:
- Offer in Compromise – settle your tax debt
- Installment Agreement – monthly payments to the IRS
- File for Bankruptcy
If you decide to file for bankruptcy, certain taxes are eligible for discharge under Chapter 7 or Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, you can go through a debt restructuring process, or set up a repayment plan to pay back your debt over time. If you qualify for Chapter 7 bankruptcy, your non-exempt assets are sold and the proceeds go towards ridding you of your debt. In order for taxes to be eligible for discharge under the bankruptcy code, they must meet certain standards:
- The due date for filing the tax return is more than three years old
- The tax return was filed more than two years ago
- The tax assessment is more than 240 days old
- You were no involved in tax fraud
- You are not guilty of tax evasion
There are other criteria necessary for discharging debt during a bankruptcy, and specific documents you must file with the court during your bankruptcy case. Contact Queens bankruptcy attorney Bruce Feinstein, Esq. to make sure you meet the requirements for discharging your tax debt through bankruptcy. He can help you file for bankruptcy and take you through the entire process, so you have a professional who can advocate for you during this stressful time.
Discharging Back Taxes – Queens Bankruptcy Attorney
If you have back taxes, you face repercussions that are similar to those you would face with other forms of debt, like repossession, bank levies, tax liens and wage garnishment. You are also at risk for being arrested and facing jail time. Tax debt is serious, and you need a professional who can give you accurate information and strong legal representation. The Law Offices of Bruce Feinstein, Esq. are prepared to work with you as you navigate the bankruptcy code and work towards eliminating your tax debt. Negotiating with the IRS can sound like an overwhelming task, but Bruce Feinstein is an experienced litigator who will advocate for you and make sure your case gets the best possible outcome. The firm’s experience with bankruptcy, including Chapter 7, Chapter 11, and Chapter 13, means they are well prepared to take on your case and help you resolve your back taxes.