Can I File a Bankruptcy to Stop the IRS from Collecting My Tax Debt?
IRS Income Tax Bankruptcy Relief Help Pensacola, FL
Your back taxes, interest, and penalties can be wiped out by filing bankruptcy. If you qualify, IRS Income Tax Bankruptcy Relief Help Pensacola, FL can be the best solution to resolve your crushing tax problems.
Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don't meet the rules, the IRS will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution.
About one million Americans file for personal bankruptcy each year, with one in 10 households having filed at some point. Given the loss of jobs, reduced income, and the coronavirus recession in 2020, those numbers could increase this year if the economic recovery is not both swift and omnipresent.
There are two main types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7, which is the more common option, will liquidate the filer’s assets in order to discharge all or a portion of the outstanding debt. People generally choose this route because they are way over their heads and do not earn enough income to pay their debts in any type of normal time frame.