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Tax Debts Attorney in Waco & Killeen TX

Tax Debts

Are you burdened by tax debt that you simply cannot pay? Are IRS agents coming to your home or place of business? Before you spend another day worrying about the possibility of tax liens, tax levies or tax garnishments, you owe it to yourself to explore your bankruptcy options. The Waco tax debts attorney from Erin B. Shank, P.C., can help you determine which option will help you obtain the greatest relief from your tax debt.

Many firms promise that they can reduce or eliminate your tax debt. Make sure that you are receiving both bankruptcy and non-bankruptcy options before you decide how to handle your tax problems. There are a bunch of scam artists out there. Remember what your mother used to tell you….”If it sounds too good to be true, it probably isn’t true”. One of those tax scams was prosecuted by the Texas Attorney General and then had to file a bankruptcy case! Click here to learn about that tax scam.

Read “How to Detect a Tax Scam” article

In some cases, Chapter 7 bankruptcy is the best option and can enable you to discharge IRS debt. If you owe federal income taxes that were due more than three years ago, and the returns were filed more than two years ago, and the taxes were assessed more than 240 days before your bankruptcy case is filed, those taxes are dischargeable in a Chapter 7 case.

Property taxes can also be discharged in a Chapter 7 case, especially if you no longer have the asset that produced the property tax in question.

If, however, your taxes can’t be discharged in a Chapter 7 case, Chapter 13 bankruptcy might be a better option. This type of bankruptcy allows you to pay off your tax debt, usually interest-free and penalty-free, over a three to five-year period. Your assets, such as your home and car, are protected as long as you continue paying the creditors that loaned you the money to purchase these assets. The law office of Erin B. Shank also files many “Chapter 20″ cases, in which the clients file a Chapter 7 case to discharge all dischargeable debt followed by a Chapter 13 in which only the non-discharged debt (i.e. taxes) is paid over three to five year repayment period under a plan confirmed by the Waco Bankruptcy Court. Many of our clients find that the “Chapter 20″ option is the best way to reduce their debt and then concentrate on only paying the non-dischargeable tax debt.

Bankruptcy and tax laws are quite complex and most people would be ill-advised to try to represent themselves before the IRS. Erin Shank has handled hundreds of bankruptcy cases involving tax debt. She knows the bankruptcy IRS agents and attorneys personally and is well qualified to assist you to discharge and/or repay your IRS debt in an honest, ethical manner. Use her three decades of bankruptcy law experience to help you successfully resolve your tax debt! Call the tax debts attorney, Erin Shank, today for a free initial consultation!

Tax Debt Resolution FAQs

What is an offer in compromise and how do I qualify?
How can an installment agreement help me pay back my tax debt?
Can I eliminate my tax debt through bankruptcy procedures?

Associations & Awards
  • Client Companion Award | Erin B. Shank
  • Avvo Review Badge
  • Preeminent Award | Erin B. Shank
  • avvo
  • state bar of texas
  • avvo
  • Avvo Top Attorney Badge
  • GreaterWacoChamber
  • nacba
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Office Locations
Killeen Office
Waco Office