Help With Past Due Taxes
Taxes and Bankruptcy: The Nuts and Bolts
You’re worried about not paying some money that you owe the IRS! Well! Why shouldn’t you be worried? Back taxes owed is nothing to ignore! What’s that you say? You don’t have the money and you can’t raise it! If you owe State, Federal, or local taxes and you are also behind in other payments to creditors, Federal Laws can give you assistance.
Filing Bankruptcy Stops Tax Garnishments! Many times, the biggest pressure on you is the garnishment the IRS or State Revenue Office has in place…. a garnishment that is sucking out of your wages and away from your family money that is desperately needed to take care of you and your family. Filing bankruptcy stops tax garnishments…. Cold. As soon as the taxing authority finds out about your bankruptcy, it is supposed to act immediately to stop the garnishment. How powerful is that? It does NOT matter what kind of tax you owe. The garnishment must stop. You may still owe for the tax, but with the garnishment stopped and the other powers bestowed upon you by filing bankruptcy, you are in a better position to deal with that tax on terms you can afford, with you in control… instead of them. And… if the tax is of a kind that you can get rid of in bankruptcy… that is the end of the garnishment… forever.
A Lot Of IRS Income Taxes Are Dischargeable:
Next…. if your problem is Income Taxes (as opposed to something like Withholding taxes), we first look to see how old it is. Why? Because…if the taxes you owe are more than 3 years old, you may not have to pay them back at all. Let me repeat that. You may not have to pay it back at all. Most people and even some bankruptcy attorneys don’t know this….but the fact is that certain older taxes are “dischargeable”….which means you can get rid of them by filing bankruptcy. There are 4 rules to apply to see if your back income taxes are dischargeable….but fortunate for you…..we know the rules….inside and out. We apply these rules all the time…..and we also know how to get dead-accurate information from the IRS itself to verify what you owe and whether it is dischargeable under these 4 rules.
Suffice it to say…..we get rid of hundreds of thousands of dollars in income taxes for our clients every year.
What About The Taxes I Can’t Get Rid Of?
We can get you up to 60 months to pay them back. This assumes you file the “Loan Consolidation” type of Bankruptcy case. This is also called a “Chapter 13 case“.
What does this mean?
It means you can get the IRS off your back for 60 months. It means you can set up payments that may be affordable. For instance….if you owe the IRS $12,000.00 in “non-dischargeable” taxes, you can….in most cases…. force the IRS to take payments of as little as $52 per week. In many… if not most…. cases, you can also force the IRS to take payments…. without adding interest. That’s a lot better than just worrying….. a lot better than having the IRS grab your stuff or levy on your bank account….. or worse… a lot better than having the IRS garnish your wages….. and a whole lot better than having to come up with $12,000 in case.
Sure there’s more too it than just this, but it’s complicated to generalize and cover everyone’s potential situation. Results will vary depending on a lot of things. This example and explanation covers a good general description of how Federal Law takes a situation and fixes it for you. This information is general…..but should tell you that even a very bad situation can afford some fantastic possibilities if you talk to the right person.
The Los Angeles Law Offices of David Lozano has handled thousands of such situations and can talk with real expertise in these matters. Not everyone can boast such numbers. We can sincerely help most people that come in and talk to us.
The problem will never just go away by itself! You need to take some action and it has to be the right action! Call toll-free 1-800-974-5680 for a FREE Confidential Appointment! We will give you all of your options!