Killeen Tax Debt Attorneys
The possibility of tax liens, tax levies, or tax garnishments can be intimidating for anyone under scrutiny for debt they owe to the IRS. If IRS agents have contacted you about your tax debt, you should begin considering all of the options that may be available to help you resolve your debt. As a dedicated tax attorney in Killeen with more than 30 years of experience in bankruptcy law, I can help you create a plan that will result in the highest degree of debt relief possible for you.
There are many firms out there that promise to drastically reduce or altogether eliminate tax debt, and you will need to make sure that whoever you choose actually has your best interests at heart. In most cases, it is pretty safe to assume that when a firm promises you something that sounds too good to be true, it is not likely to be true. There have been a number of high profile scams that have been uncovered over the years, including this one.
Filing for Bankruptcy to Deal with Tax Debt
Chapter 7 bankruptcy may enable some people in Killeen to discharge their tax debt under a specific set of circumstances. In order to discharge your tax debt under Chapter 7, the following conditions must be met: you must owe income tax to the IRS that was due more than three years prior to your bankruptcy filing; your tax returns must have been filed more than 2 years prior to filing for bankruptcy; and your taxes must have been assessed more than 240 days prior to filing your case. Property taxes may also be discharged under Chapter 7, particularly in instances when the filer no longer owns the property on which taxes are owed.
When taxes are not eligible to be discharged under Chapter 7, there is a chance that Chapter 13 bankruptcy may be the better choice. Under Chapter 13 protection, you will be able to pay off your tax debt over a three to five year period—there is a good chance that your payments will be interest and penalty free. Moreover, your home and vehicle will not be liquidated as long as you are able to continue paying creditors who hold those loans.
At the Killeen law offices of Erin B. Shank, P.C., our Killeen legal team may be able to help you file for so-called “Chapter 20” bankruptcy relief, which refers to those cases where we file for Chapter 7 bankruptcy and then Chapter 13 relief. Under this plan, our Killeen team will first help you to discharge all eligible debt with a Chapter 7 bankruptcy and then help you file for Chapter 13 relief, which will allow you to repay your non-dischargeable debts off over a three to five year period. This so-called “Chapter 20” bankruptcy option is the best way for many of our clients to regain control of their finances.
Consult with Our Team in Killeen
Tax and bankruptcy laws are complex and can be exceedingly difficult for most people to work though without the help of an attorney. With over 30 years of bankruptcy experience, Erin B. Shank, P.C., has handled hundreds of cases involving issues with tax debt. Over the years, our team has come to know the IRS attorneys and agents personally; our legal team has the experience and the resources to help you deal with your tax debt in a manner that is ethical and honest. To learn more about the options that may be available to you, please call our Killeen offices at (254) 296-1161 to schedule a free consultation.