Income Tax Debts
Do your debts include IRS back taxes? If you do nothing, the interest and penalties will continue to pile up. The IRS may even file liens against your assets or prosecute you for tax evasion.
Contrary to what most people think, some federal income tax arrears can be discharged in a Chapter 7 or Chapter 13 bankruptcy. Talk to the experienced lawyers at Robert J. Adams & Associates about this potential opportunity to shed your tax debt.
Find Out If Your Back Taxes Qualify
Call us today at (312) 724-5650 to arrange a free bankruptcy consultation. We have offices in Chicago (West Loop) and Waukegan.
Do You Owe The IRS?
The bankruptcy laws were created to give a fresh start to people who are hopelessly in debt. If you have outstanding income taxes, you may be eligible to discharge some or all of what you owe the Internal Revenue Service:
- Only taxes that are at least three years old are eligible. You are still on the hook for recent tax burdens.
- You must have filed your tax returns on time or requested extensions for the year(s) in question.
- You cannot be in a current IRS payment plan or offer in compromise.
This is an oversimplification of very complex rules governing dischargeable income tax debt. Attorney Robert J. Adams has helped many clients successfully navigate the IRS restrictions to discharge their back taxes. He can determine if you qualify and what steps you need to take to make it possible.
Do My Tax Debts Really Go Away?
In Chapter 7 bankruptcy, your eligible debts are wiped clean, including dischargeable taxes and IRS interests and penalties. In a Chapter 13, you pay a prorated portion of your debts (as low as 10 cents on the dollar) over a five-year period. Chapter 13 may also allow you to discharge IRS tax liens.
Get The Facts About Tax Debt Relief
Robert J. Adams & Associates serves individuals and families in Cook County and Lake County, Illinois. We offer a free, no-obligation consultation to answer all your bankruptcy questions. Call (312) 724-5650 or contact us online.
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