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Restructure Tax Debts in Chapter 13 BankruptcyMany taxes are not dischargeable in a Chapter 7 bankruptcy. However, in Chapter 13, your taxes can be restructured so that you avoid paying future penalties and high interest on the unpaid balance. This enables most people to get out from under their IRS debt within five years -- something that might not be possible if high interest and penalties were to continue to accrue. It also enables you to avoid IRS levies on your income and property. Some income taxes can be avoided entirely in a Chapter 7 bankruptcy.
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