You know that you owe the IRS money, but you simply don’t have the money to pay your tax bill. The IRS has threatened to put a lien on your property, but that does not mean that you magically have the money required to prevent the lien from being filed or other penalties from being assessed.
You are understandably looking for a way out of this mess. Well-meaning friends may suggest that you file for bankruptcy. However, bankruptcy may not be the best option for you.
What Bankruptcy Can and Cannot Do for You
If you file for bankruptcy in Oklahoma, then your bankruptcy petition may result in a settlement of your credit card debt or personal loans. However, a bankruptcy discharge will not discharge your federal tax liens in most cases. While there are very limited circumstances in which a bankruptcy discharge may be useful to a taxpayer who owes personal income taxes, bankruptcy is not typically the best way to resolve outstanding IRS debt.
How to Get Out of Debt With the Help of a Norman Tax Lawyer
Instead of filing for bankruptcy, our Norman tax attorneys suggest that you call us first. We may be able to help you resolve your outstanding IRS issues through an offer in compromise or other alternative solution with the IRS.
For more information about your rights and to get started resolving your federal tax issues, please call an experienced tax lawyer in Oklahoma today at 800-721-7054, and please read a FREE copy of our book, The Ultimate Survival Guide for IRS Problems.