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.