Bankruptcy to Deal with Serious Tax Debt? It Must Be Considered
If you have been researching your tax debt options for any length of time, you may be confused about bankruptcy and it's relation to the debt.
Some "experts" claim bankruptcy won't work and others claim that it may be your best option. Who to believe?
Let's make three things clear.
1. Income tax debt can be wiped away by a bankruptcy.
2. Whether bankruptcy is the best option depends on a number of different factors.
3. Everyone with serious tax debt should analyze their best options with bankruptcy in mind.
Number 3 is the quick topic of this post.
Why?
Even if you do not use bankruptcy to deal with the tax debt, the IRS is required to consider the fact that the tax debt could be discharged in a bankruptcy when determining ability to pay in response to an offer in compromise.
In english...a true bankruptcy candidate has more leverage in an offer in compromise.
In this office, every client is treated as a potential bankruptcy client in an effort to determine if that leverage exists and if it can be used.
Don't let anyone tell you that bankruptcy shouldn't be at least considered as an option. It is in more ways than one.
Call Arizona Tax Attorney Michael S. Anderson P.C. at 480 507 5985 if you have serious tax debt and need to find a solution. He will talk to you for free over the phone.
