December 9, 2010

What Will Bankruptcy Do To IRS Tax Debt?

A San Francisco bankruptcy attorney writes about IRS tax debt.

People facing financial insolvency may or may not have IRS tax debts. The government does not follow the same rules as other debtors. While the government provides people with a chance to start over with private creators, it does not make it so easy to discharge government debts.

Can I Get Debt Relief From The IRS?
A person can get tax debt forgiven, but a certain number of years must have passed since the debt was incurred. Debts from the current year cannot be forgiven. The amount owed to the IRS must be at least three years old before a person who filed for bankruptcy can be forgiven any amount he owes on taxes.

Is the Process Difficult?
Nothing about filing for bankruptcy is easy, but it is not any more difficult to get an IRS tax debt discharged than it is to get other types of relief from debt. In general, the only type of money owed that must be paid back occurs in fraud cases. Debtors do not need to engage a service designed to negotiate with the Internal Revenue Service in most circumstances. When filing for bankruptcy, the goal is to not incur new debts.

If you have a question regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about ankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Tax Debt

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December 3, 2010

Tax Debt Forgiveness and Bankruptcy

A San Francisco bankruptcy attorney discusses tax debt forgiveness.

If you are searching for tax debt forgiveness by filing bankruptcy, you may be disappointed. Any debt that is owed to the government in the form of taxes or student loans is not qualified to be forgiven in bankruptcy court. There are programs that you may apply for through the Internal Revenue Service or your state tax department that may reduce your tax obligation or allow you to make repayment plans, but there is no real way to obtain tax debt forgiveness.

The IRS does have ways to allow you to reduce your debt; you must work with an IRS agent and prove why you cannot fully repay the debt. If the application is approved, they will base your debt on your current financial situation. Many people seek legal aide in these cases due to the complexity of the program. Bankruptcy court cannot forgive tax debts in any manner, an may force the sale of personal property to cover this debt. Since all debt must be included in the bankruptcy, whether it is dismissible or not, the U.S. trustee may force a sale of personal property to pay the debt in full.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Francisco. If you need help regarding bankruptcy in San Francisco, contact us at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Tax Debt

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April 14, 2010

Bankruptcy and Tax Debt

A San Francisco Bankruptcy Attorney discusses filing bankrutpcy to alleviate tax debt...

Bankruptcy is well known to have been used by people that cannot pay their debts to commercial organizations. What a lot of people don't realize is that bankruptcy can also be used against government organizations. The major revenue department of the U.S. government is the IRS and there are a lot tax payers that find it hard to cover their tax liabilities. One possible option is to file for bankruptcy on your tax debt.

There are two chapters that maybe used for bankruptcy, Chapter 13 and Chapter 7. Chapter 13 is called a reorganization bankruptcy which basically allows you a period of 3 to 5 years to get your financial affairs in order, whilst paying back a reduced amount of outstanding tax during this period. Usually any outstanding tax will incur interest payment penalties. The tax payments will not be reduced if the IRS has already issued a tax lien prior to your bankruptcy. This is because a tax lien becomes a secured debt. Chapter 7 is called a liquidation bankruptcy and can be used for debt that is over 3 years old. Filing a chapter 7 will remove your tax debt if the IRS has not issued a tax lien on you prior to you filing chapter 7. If the IRS have issued a tax lien to you, then the tax debt is held until you have removed yourself from chapter 7, when it will then become payable. You must plan out your financial obligations post chapter 7, before removing yourself from bankruptcy.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Tax Debt

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