Tax debt can be an incredible burden, especially if you are also facing other kinds of debt as well. How can a person get out from beneath crushing tax bills that may have accumulated over years? Is a fresh start possible? The answer is yes. At the Arnold Law Firm, we have helped clients with tax debt in Memphis and throughout Tennessee for a long time. By carefully analyzing your entire financial situation, a Memphis, TN tax debt lawyer can determine whether particular kinds of debt can be consolidated, deferred, or even eliminated entirely. Bankruptcy is not something to be ashamed of. It is a tool to get you back on your feet. We can help you do that. Contact the Arnold Law Firm today so we can help you explore your options and get you the results you need.
Several factors will determine whether bankruptcy will eliminate your tax debt. Only state and federal income taxes are eligible for discharge. Moreover, you must meet several additional criteria:
Other factors affect your eligibility as well. If you never filed a tax return in a certain year or if fraud or other tax crimes are involved, then dischargeable tax debt might become ineligible. Filing for tax extensions could also affect the due dates involved. Memphis, TN debt relief lawyer will take all these factors into account when assessing your situation.
One of the most difficult aspects of tax debt is that it is due all at once. However, filing for Chapter 13 bankruptcy can allow you to combine it with other debts and pay it off in installments. Instead of a single bill, you will then make regular payments over several years, which is much more manageable.
Many factors come into play when considering tax debt and bankruptcy, which is why it is important to have seasoned tax and legal professionals on your side. Contact the Arnold Law Firm today to discuss your situation as soon as possible. The sooner you reach out, the sooner you can get relief.