Bankruptcy Can Help Deal With Past Due Taxes

Maybe you were self employed and didn't save enough money to pay your taxes at the end of the year. Maybe you were going through some personal problems and neglected to file a tax return. Maybe you incorrectly prepared your tax return, and now the IRS says that you owe them money. However it happened, you owe back taxes that you can't afford to pay back and the penalties and interest continue to add up. 

Filing for bankruptcy stops the IRS from collecting on your tax debt similar to any other creditor. Depending on what kind of tax it is or how old the debt is, you may be able to pay less than the total tax or none of the tax.

One common solution is Chapter 13 bankruptcy, which allows you stop interest and penalties from accruing while you pay back the tax debt your accrued within the last four years in monthly payments stretched out over 3 to 5 years. Contact attorney Ivan McCullough to schedule your free consultation and discuss your options. Call (931) 422-7086 Fax: (931) 548-6879
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