J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization

If you have serious I.R.S. debt trouble, and they are levying your paycheck or bank accounts, or if in addition to I.R.S. trouble, you have other serious debt issues, you may want to consider filing a bankruptcy.

But if your financial troubles are mostly centered around the I.R.S., and it is not so bad that a bankruptcy filing is indicated, you may want to enter into an "Installment Agreement" or payment plan with the I.R.S. Under new rules, if you owe them $50,000 or less, they do not even require a detailed financial disclosure form, in order to enter into an Installment Agreement with them.

There are even other advantages in trying an Installment Agreement first. An Installment Agreement does not "toll" or stop important deadlines that would apply, if you later decide that you must file a bankruptcy case to deal with your debt problems.

But an Offer in Compromise can toll or stop certain time periods from running against the I.R.S., if you later decide on a bankruptcy filing. My advice: consult an experienced I.R.S. practitioner to counsel with you about your I.R.S. Problems. If your situation is "not so bad," contact the I.R.S. and enter into a payment plan that you can afford.

But if you have serious I.R.S. problems, and perhaps other debt troubles like a foreclosure, repossession or lawsuit, contact an experienced bankruptcy attorney right away.

Be the first to comment!
Post a Comment