There are many misconceptions about bankruptcy. People fail to understand and realize that there are specific rules about what types of debt can be discharged under Chapter 7 bankruptcy. Luckily, in an effort to help our potential clients and bring clarity to a confused mess, the Tax Resolution Institute offers this illumination. Since we are based in Southern California, we have seen the problems you are experiencing first-hand and we know how to help. We are the best at tax dischargability analysis.
In general, most kinds of consumer debt can be eliminated under a Chapter 7 bankruptcy filing. If you qualify and the court rules the debt is dischargeable, you can eliminate consumer debt such as:
1) Credit Card Debt
2) Medical Bills
3) Secured Loans like a Car Loan
4) Tax Debt if…
But when it comes to delinquent IRS tax debt, there are very specific rules that need to be followed. Income tax debt can often be eliminated under Chapter 7 if you have filed your tax returns and sufficient time has passed since the tax debt was assessed. If you owe a substantial amount of federal or state tax debt, you may not need to file for bankruptcy.
By examining your records and providing a free consultation, the Tax Resolution Institute can come up with the solution that works the best for you. Whether it is an Offer in Compromise or an Installment Agreement, Currently Not Collectible Status or Bankruptcy, the Tax Resolution Institute will help solve your IRS delinquent tax problem and find a way to help you back on the road of prosperity and success. If you live in California and you are in serious tax trouble and considering bankruptcy, do not hesitate. Call the Tax Resolution Institute today for help and the best in tax resolution services at 877.829-8370.