Uncle Sam and his attorneys can be quite miserly when it comes to your taxes. If you can't afford to pay the IRS your taxes when the April 15 deadline rolls around, ignoring the problem will make it worse. The longer you wait to deal with your tax issues, the faster IRS interest, fees, and fines grow. They’ll even start taking your refund!This rapidly-multiplying amount of unpaid taxes can severely damage your credit and your financial health.
Many people in Illinois don't know that your IRS debt can be discharged in bankruptcy, as long as you've filed a tax return. DebtStoppers and our team of skilled Chicago attorneys have used bankruptcy laws to help thousands of people in Illinois find relief from their tax burdens. Call or text us today at 312-913-0630 to request a complimentary consultation with one of our experienced Illinois debt solutions lawyers.
While you can approach your tax liability in various ways, bankruptcy is the only one that provides a complete debt elimination solution. The IRS does offer some options to people who can't pay their taxes, but they don't do enough to fix your financial troubles. Let's talk about a few of these "solutions" and how they fall short.
While an installment agreement allows you to pay back your debt over time, you'll be subject to application fees, setup fees, penalties, and interest. This means you'll owe Uncle Sam even more money when all is said and done.
An offer in compromise allows you to settle your tax debt for less than the total amount you owe. However, not everyone is eligible for this option, and you still have to be able to pay a large portion of your debt.
TAS is an independent organization within the IRS that helps taxpayers going through financial hardship. While TAS can ensure your rights are respected when you interact with the IRS, they can't do anything to get rid of your debt.
Finally, you can request innocent spouse relief by submitting form 8857. This option is limited in scope and only helps people whose spouses or former spouses improperly reported or omitted items on their joint tax return.
While some of these options may offer minimal relief, it's nothing compared to the complete financial freedom that Illinois attorneys can help you find. Not only does bankruptcy allow you to discharge unpaid tax debts, but you can get rid of your other obligations as well. It's the only solution that will take care of your financial problems once and for all.
At DebtStoppers, one of our practiced attorneys can customize a debt relief plan suited for your specific needs, including addressing your back taxes.
Chapter 7 allows you to discharge and eliminate your unsecured debts, including past taxes that meet specific requirements. With Chapter 13, you restructure your debts (including IRS taxes) and repay them through affordable monthly installments.
One of our experienced Illinois attorneys can review your circumstances and recommend which chapter will help you the most. Call or text us today to schedule a free consultation with one of our accomplished Illinois attorneys.
If you're considering filing for bankruptcy, chatting with one of our Illinois attorneys can help you make a decision. Call or text DebtStoppers today at 312-913-0630 to sign up for your no-cost confidential evaluation.
You truly can find relief from your IRS debts! Call or text DebtStoppers today to get started with one of our attorneys.