Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Do you want to settle your tax debt or try to discharge them?
Well, that's a good question. i have filed each year. however, I have not paid my 1040 taxes
in full.. The 941s must be paid as I understand it.
If I wanted to settle the 1040 taxes what would that entail.. And from what you are indicating
In terms of a settlement, an actual filing of bankruptcy may help you,
above, I meet the criteria, I think.
it is possible to apply for an Offer in Compromise,
Which according to the IRS Your initial payment will vary based on your offer and the payment option you choose:
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for detail
Or list the tax debt in a potential chapter 13 or chapter 7 filing,
and have some of the taxes discharged, or spread out in a 60 month payment plan as per the chapter 13,
Also, if you qualify for a chapter 7,
that may help you qualify for an offer in compromise with the IRS to reduce your total tax liability
I know i won't meet the Low Income Certification guidelines. I make too much.
I t hank you. This gives me more information to think about. There's a lot to all of this and I want
to be as knowledgeable as I can. thank you.
If you have income above the state average, a chapter 13, may be best, XXXXX XXXXX
help you spread out whatever amounts you owe to the IRS, and possibly reduce your debts,
If you have any further questions please do not hesitate to ask
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