Providing Guidance On Tax Debts In Bankruptcy
Many people face current or past IRS income tax debt after not filing tax returns. Bankruptcy law may be able to provide you with relief from your tax debt and allow you to move forward with your life. This area of law is highly complex, and it is important to work with a lawyer who is highly skilled and very experienced in handling cases involving IRS debt.
At Ambrogio, Pletter & Associates, LLC, in Stratford, Connecticut, we have handled many bankruptcies for clients who had significant tax debt. We understand that it can be frightening to deal with any creditor, especially the IRS. When you come to us, you can be assured that your case will be handled by our experienced Bridgeport tax debt attorneys, not passed on to a nonlawyer staff member or a new associate.
Understanding The Possibilities
When you file bankruptcy, an automatic stay is entered by the court. This stay protects you from attempts by your creditors to collect on your debt. The stay applies to the IRS as well. The form of bankruptcy to be filed depends on when the debt was incurred.
- Debt more than 3 years old: If your tax debt is more than 3 years old, it may be dischargeable (eliminateable) in a Chapter 7 bankruptcy. One of our experienced Connecticut bankruptcy lawyers can determine the status of your tax debt when you visit us for a consultation.
- Debt less than 3 years old: A Chapter 13 bankruptcy will put your IRS debt into a manageable repayment plan, where the debt is treated much like unsecured credit like credit card debt and medical bills. The IRS will not be able to garnish your wages or assess penalties for nonpayment. At the end of a 36- to 60-month period, the remaining debt might be eliminated.
If you have unpaid tax debt and are facing financial difficulty, you are not alone. This is a common problem, and we are ready to help you through it.
Contact An Experienced Stratford And Bridgeport, Connecticut, Bankruptcy Attorney
We can help you find the light at the end of the tunnel, help you take control of your finances and get a fresh start. To arrange your free consultation, call 203-502-7436 or contact our bankruptcy law firm online.