Putting Your Finances Back in Order
There are few institutions that Americans fear more than the IRS. Unfortunately, that fear often causes people to avoid their tax problems, which only makes the situation worse.
If you have IRS tax debt that you cannot repay, speak with a lawyer at The Law Offices of Chad M. Hayward, P.C. As an experienced debt relief law firm, we can examine your finances and your tax debt to determine whether bankruptcy will be beneficial for you. We understand the complexities of IRS tax law and will clearly explain your options to you. To schedule a free consultation with a Chicago IRS tax debt attorney, please call 888-804-8641 or contact us online.
How Bankruptcy May Discharge or Reorganize IRS Debt
Federal law allows you to discharge IRS tax debts that meet certain criteria:
- More than three years old
- Assessed more than 240 days prior to filing bankruptcy
You are not permitted to discharge unfiled tax obligations or tax debts that are connected to tax fraud. Any federal tax liens attached to your assets may not be dischargeable as well.
If your tax debt meets the discharge criteria, you may be able to file Chapter 7 bankruptcy. Under Chapter 7, the debt will be eliminated and you will not have to repay it. If your income exceeds the limit for Chapter 7, you may be able to file Chapter 13. In Chapter 13 bankruptcy, your debts will be consolidated into a repayment plan of three to five years. During this time, your monthly payments will be lowered so you can afford to make them.
Illinois Tax Debt Lawyers
Please call our office at 888-804-8641 to schedule a free consultation. We have offices in Chicago, Aurora, Joliet, Schaumburg, Palos Heights, Northbrook, Oak Brook and St. Charles.
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