Tax Relief via Bankruptcy
There is an old saying that people complain about taxes but never do anything about them.
Actually, there is something a qualified bankruptcy attorney can do – eliminate certain “old” taxes.
Over the years I have had many clients who come to me with large overdue income tax liabilities. They usually say, “I know you cannot do anything about these old taxes.” To their surprise, I state that, to the contrary, I can reduce or even substantially eliminate their tax debt.
This is an extremely complex area of law, but in general, if you filed your income taxes over two years ago, that tax debt could be discharged at some point in time in a Chapter 7 bankruptcy. Even the related penalties and interest might be wiped out.
Many people are stressed out over what the federal, state, or even city government will do to them. Will there be jail time? Will there be a lien placed on every asset they own? Will their bank accounts be cleaned out?
The best way to relieve your anxiety is to get advice from an experienced attorney who understands both bankruptcy and tax law. Feel free to contact our office for a consultation regarding any tax problems you may have.