How to Determine if Bankruptcy is a Viable Tax Relief Option in New Orleans, LA for Resolving IRS Back Taxes
Metro Area- New Orleans-Metairie-Kenner, LA MSA
As a taxpayer in New Orleans, you should know that IRS tax debt can possibly be discharged in bankruptcy. People may file for bankruptcy for different reasons such as loss of jobs, loss of pension or due to catastrophic life event affecting their financial condition. However filing bankruptcy is a possible tax relief option to resolve your tax problems. It can be one of the most appropriate courses of action to get tax relief when you have a big IRS tax problem.
Bankruptcy is used by both individuals and businesses. Tax relief using bankruptcy can help individuals and businesses to have a fresh start. Bankruptcy is not a way to fool the system. It could be a permanent resolution for your vicious tax problems.
However, do remember that bankruptcy does not always remove all of your tax liabilities. All types of IRS taxes, interests and penalties cannot be 100% discharged. So, to get the maximum benefit from bankruptcy, you will need expert help from a bankruptcy lawyer and if it cannot get discharged contact an IRS licensed enrolled agent to settle with the IRS.
When you qualify for bankruptcy filing for discharging your tax liabilities, you get huge tax relief from the government. However, as you do not know much about bankruptcy and tax laws, only an experienced lawyer will be able to show you how to go about bankruptcy filing. With the right guidance and right track, you'll be able to qualify for bankruptcy filing and will be able to possibly eliminate your back taxes.Get the maximum tax debt relief with the right kind of bankruptcy
There are three types of bankruptcies:
Chapter 7: It is total tax debt forgiveness and so people want it.
Chapter 11: used by businesses as a form of a business reorganization. Here you can negotiate with your creditors to restructure debts which will allow your business emerge from bankruptcy with a sustainable debt load.
Chapter 13: it is a structured payment plan. It's called a Wage Earner Plan.Know when bankruptcy is a better option than an Offer in Compromise
The IRS's Offer in Compromise allows you a fresh start. It can be sometimes better option than bankruptcy. It allows you to reduce your tax debt, without the burden of a bankruptcy (your credit report suffers for the next 10 years).
However, it is very important to hire an Enrolled Agent, professional tax resolution specialist, to assist you in the process of negotiating your offer with the IRS because otherwise there may be many problems and you offer might get denied by the IRS.
Get expert tax help today by calling Mike Habib, EA at 877-788-2937