Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*
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Is the tax levy against your business or against you personally
I am a sole propriortor DBA my name
You may want to consider a chapter 11 bankruptcy.
a chapter 11 bankruptcy would stop further tax levies and allow you to pay the tax over a five-year period
So I would be able to collect income would it allow me to keep my car
yes it typically would
Do I notify them that I would be doing that right now
absolutely not – that would cause them to immediately seize your car and any other assets you may have. You need to immediately retain counsel to file your Chapter 11. Once the Chapter 11 is filed the IRS will not be able to seize any further assets
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what about chapter 7?
It kooks as though my resonse was delayed for some reason. Is there anything I can do to keep them from taking every penny right now? As I said I have no money for food or gas let alone paying rent. If I do Chapter 11 do they set up a 5 year payment plan for all bills I owe?