Avoiding Bankruptcy Caused by an IRS Action
The IRS is known for acting harshly against those taxpayers who have outstanding debts to the U.S. government. In order to delay IRS action, many allegedly delinquent taxpayers elect to file for bankruptcy protection. While this can offer certain benefits in the short-term, the effects of bankruptcy are long-lasting and unlikely to absolve one of their tax obligations. It is important for those who are considering bankruptcy due to fear of IRS action to ensure they are aware of the other options that are available to them.
With the help and guidance of an experienced tax specialist, you may be able to fight against an IRS action that might otherwise require you to file for bankruptcy. If you or someone you know is facing an IRS action and wants to avoid bankruptcy, contact the tax relief attorneys at the Tax Relief Law Center today by filling out the contact form at the top of this page.
Why You Should Avoid Bankruptcy
There are many reasons why people may want to avoid bankruptcy, even if the IRS threatens to aggressively pursue a significant sum of money. Some of these reasons might include:
- Social stigma – filing for bankruptcy can have negative connotations and may change the way others perceive you
- Failure to resolve the problem – most tax debts are not dischargeable through bankruptcy, so a filing will not eliminate the problem and will only serve to delay repayment
- Adverse credit effect – bankruptcy can affect your credit for 7 years
Whatever course of action you may choose, it is strongly advisable to speak with a tax relief attorney who can help you to determine whether there are options that may be preferable to bankruptcy.
If you or someone you know needs tax help in facing an IRS action, reach the experienced tax relief lawyers of the Tax Relief Law Center today by filling out the contact form above.