Tax Debt And Bankruptcy — Austin Attorney
Serving Individuals And Business Owners Throughout Central Texas
When it comes to collecting past due tax debts, the IRS has immense power. It can seize bank accounts, real property and other assets in satisfaction of those debts.
However, if you owe money to the IRS, it may be possible to obtain relief from those debts. Filing bankruptcy can discharge some tax debts or it may be possible to negotiate an offer-in-compromise (OIC) that reduces the amount of your outstanding tax debts.
Experienced Bankruptcy And IRS Attorney
At The Law Office of Michael J. Pledger, we provide results-oriented representation for individuals and business owners who owe taxes to the IRS. Attorney Michael J. Pledger has enabled many people throughout Texas to settle tax debts for pennies on the dollar. When you retain him to represent you, Mr. Pledger will work diligently to obtain the best possible outcome.
In a free consultation, Michael J. Pledger can review your situation and discuss your options.
Discharging Tax Debts In Bankruptcy
Certain IRS tax debts may be discharged in bankruptcy, provided they meet the minimum criteria outlined below:
- The tax debts must be at least three years old.
- The debtor must have filed all tax returns.
- The tax debts were due at least 240 days before filing bankruptcy.
- There was no tax fraud or tax evasion.
Penalties and interest on dischargeable tax debts can also be discharged.
Is An Offer-In-Compromise Possible In Your Case?
If you have remaining tax debts that are not dischargeable or are not eligible for bankruptcy, we can often negotiate an offer-in-compromise with the IRS which reduces your tax debts. The offer-in-compromise could be a one-time settlement of the debt for less than the outstanding amount or it could involve a repayment plan.
Attempting to negotiate such an arrangement yourself is not advisable, because you may leave too much on the table or even put yourself at risk for criminal tax charges. As an experienced OIC lawyer, Michael J. Pledger knows how to negotiate with tax authorities and how much they may be willing to give up in terms of taxes in any given situation. Let him put his experience and negotiation skills to work for you.
Free Consultation — Contact Our Firm
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. And have proudly done so since 1979.