Are you struggling with a significant tax debt burden? Depending on the age of your debt, you may be able to discharge it by filing for Chapter 7 or Chapter 13 bankruptcy.
At Ledford, Wu & Borges, LLC, we have extensive experience helping clients through the bankruptcy process. Our attorneys will work with you personally to help you explore your tax debt relief options.
Is filing bankruptcy right for you? Contact a Chicago bankruptcy lawyerby e-mail or call 312-574-3327 for a free consultation at any of our seven office locations. Our Chicago bankruptcy attorneys can help you eliminate your debt.
Tax Debt And Bankruptcy
We help clients with a wide range of tax debt problems. In some cases, we may be able to negotiate an offer in compromise (OIC) with the IRS, in which your tax debt is settled for less than the full amount.
In many cases, tax debt is dischargeable through bankruptcy.
Tax debt is generally dischargeable if:
- The debt is at least three years old (from the filing due date)
- The tax return was filed at least two years ago
- The tax assessment is at least 240 days old
- The taxpayer did not commit tax fraud or evasion
If you file for Chapter 7 protection, your tax debt may be discharged, along with credit card debt and other unsecured debts. If you file for Chapter 13 reorganization, your debt will be restructured into a three to five year repayment plan. It is imperative that you discuss these matters with an experienced attorney. A timing mistake of only a few days can cost you thousands in non-dischargeable taxes.
Our attorneys can help you explore your debt relief options to help you determine the best possible way to deal with your tax debt problem. We are focused on helping you put your debt problems behind you so you can look forward to a stable financial future.
Contact our offices online or call 312-574-3327 to find out what you need to know about tax debt and bankruptcy. Our experienced Illinois bankruptcy lawyers are ready to help.
Ledford, Wu & Borges, LLC has offices in Downtown Chicago, the South Side of Chicago, Homewood, North Riverside/Berwyn, the Northwest Side and the Southeast Side.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.