Tax Debt
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Wall, NJ Tax Debt Lawyer

Skilled Legal Representation for Handling Back Taxes

If you owe back taxes, you may be able to discharge your tax debt through bankruptcy. This holds true under specific circumstances. If you qualify and when applied, bankruptcy can be an effective tool for resolving your tax debt issue. Additionally, while handling your tax liability, bankruptcy can also resolve other debt that is overwhelming you, such as unsecured debt in the form of credit cards, medical bills, personal loans, and more. Even when you are not eligible for a discharge of your tax debt, filing for bankruptcy will lead to an automatic stay against certain actions taken against you that will allow you some time to handle your tax debt.

At Cerbone Law Firm, we can help determine the best ways for handling your tax issue, whether through bankruptcy or some other option such as an offer in compromise or installment plan. Our firm will start by thoroughly reviewing the specifics of your tax debt followed by assessing all available tax relief methods to determine what would be optimum in your individual situation for reducing your tax debt burden. With the combined help of our attorney and CPA who is highly-knowledgeable in state and federal tax law and tax debt relief strategies, you can be well on your way to the reprieve you need from tax debt stress.

Professional legal help is available for tax debt. Contact Cerbone Law Firm online or at (732) 402-0088 for a free case review to determine your options.

State & Federal Tax Debt Discharges Through Bankruptcy

Bankruptcy law allows for the discharge of “non-priority” tax debt. Certain requirements must be met for a tax debt to be considered non-priority and thus eligible for a discharge.

These requirements include:

  • Your tax debt was more than three years old before the date of your bankruptcy filing
  • You filed a tax return more than two years prior to filing your bankruptcy petition
  • The assessment of your tax debt occurred more than 240 days prior to filing your bankruptcy petition
  • You did not willfully commit tax evasion or tax fraud

This can be a complicated matter which is why you will need the experienced services of a firm that can review and evaluate the situation through IRS documentation to determine if the filing of a bankruptcy petition is in your best interests.

As mentioned above, even if your tax debt is not eligible for a discharge, through a Chapter 13 filing your tax debt may be eligible to become part of your debt repayment plan. This would permit you to pay it off over the plan’s timeframe of three to five years and may stop the accrual of tax penalties.

Whenever you file a bankruptcy petition, the court issues an automatic stay that stops all creditors, including state and federal tax entities, from continuing with their collection efforts. Through the automatic stay, you will have been given a reprieve of time from being subject to bank levies, wage garnishments, or seizures by tax agencies. This reprieve can give you the time you need to pay off your debt or find other methods for resolving it.

Learn More About the Specifics of Your Case

Every tax debt case is different which is why you need the professional help of a firm that can assess your situation to determine the best solution for you. Our firm is backed by 25 years of debt relief knowledge and experience that can be applied to you. We have a long history of successful results and highly-satisfied clients in Wall, Toms River, and the surrounding areas. Let us put our know-how and dedication to positive outcomes to work for you.

Talk to a Wall, NJ tax debt attorney in a free consultation. Contact us online or at (732) 402-0088 today.

The Cerbone Law Difference

  • We Are Committed To Finding the Best Solution

    We promise to give you the same advice we would give to a family member.

  • We Care About Our Clients

    Our compassion for our clients and comittment to see them succeed is the driving force behind our practice.

  • We Have Over 25 Years of Experience

    Over those 25 years we have experienced it all and have learned how to have fun doing it!

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