Many Americans reach a moment of panic when they see how much they owe in taxes because they cannot afford it…which can cause their debt to snowball.
Many Americans reach a moment of panic when they see how much they owe in taxes because they realize they cannot afford it. Some will hesitate to file their taxes as a result, which can cause their debt to snowball. David Shuster offered many tips in this interview with AskTheLawyers.com for those worried about how to pay their taxes. He said that it’s very important to file your taxes anyway, even if you can’t currently afford to make the payment. Shuster warns that the IRS will not ignore any debt, even the smallest.
“If you have a small amount that you intended to deal with early on but didn’t, and time has progressed, you probably should contact an attorney to find out what could be done before they freeze your account or try to garnish your wages or something like that,” Shuster said. Don’t skip out on paying your taxes, he said, even if it’s a very small amount. File your taxes regardless. Shuster also addresses back taxes and liability, plus bankruptcy in relation to tax law. Back taxes can, in fact, be discharged if approved within a three-year window (owed/on file or at least 3 years), so Shuster encourages filers to see if that is a possibility.
Shuster offers free consultations in bankruptcy law and can advise clients on tax treatments depending on the chapter filing, whether it’s Chapter 7 or Chapter 13. The amount of debt able to be discharged depends on certain requirements. Bankruptcy can create an automatic stay that freezes interest charges and stops creditors from harassing you. Shuster recommends talking to an attorney right away about what you can do, because everyone has unique options available to them.
David Shuster is a bankruptcy attorney based in the Dallas-Fort Worth area, and he’s familiar with a host of debt solution opportunities available under Texas law. He offers free consultations, and he says you may have debt relief options available that you never knew existed. Call him at 888-365-0921.
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Can’t Afford to Pay Taxes? Bankruptcy Lawyer Offers a Suggestion
Source: EIN Presswire