Taxes And Bankruptcy
At Jimmy E. McElroy & Associates, we provide clients with personal financial guidance. We take into account all of your unpaid debt, including taxes. Because taxes are owed to the federal and state government, they usually cannot be discharged. However, through bankruptcy, there are effective methods for repaying your unpaid taxes.
Chapter 13 Bankruptcy And Taxes
In Chapter 13 bankruptcy, you can stop all interest and late fees from accumulating on your unpaid taxes. You will eventually pay the full amount, but you will be able to do so in an affordable way through a repayment plan.
Tax Liens And IRS Problems
If you do not pay your property taxes, a tax lien can be placed on your property. It is possible to remove, subordinate, discharged or release an IRS tax lien. Your unique financial situation will be the deciding factor, so it is best to speak with a knowledgeable bankruptcy attorney at Jimmy E. McElroy & Associates to find out if you would qualify for a release.
Also, after you file for bankruptcy, we may be able to prevent the IRS from taking your tax refund.
We Can Answer Your Questions
Contact Jimmy E. McElroy & Associates at 901-881-8730 to learn more about how bankruptcy affects your tax debts. Located in Memphis, we help clients throughout Tennessee and Mississippi make a fresh financial start.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.