Sometimes the path of life involves unexpected twists and turns. Despite your best efforts, you might find yourself facing a seemingly insurmountable amount of debt. Unanticipated illnesses, economic turmoil, and mistaken tax assessments can result in staggering levels of debt.
In particularly, complex sections of the U.S. Tax Code and regulations promulgated by the Internal Revenue Service (IRS) can turn what initially appeared to be an ordinary transaction into a devastating tax liability.
If you’re facing crippling IRS tax debt, you might benefit from legal relief provided by the U.S. bankruptcy code. At the office of Michael A. Fakhoury, ESQ., PC, our legal team led by Attorney Fakhoury has more than 20 years of experience assisting individuals and families in Fishkill and throughout New York with bankruptcy matters. We are dedicated to making sure your future isn’t overburdened by mounting debt and helping you find a light at the end of the tunnel.
To learn more about how the office of Michael A. Fakhoury, ESQ., PC can help you, call us at (845) 795-3326 today.
Under both Chapter 7 and Chapter 13 bankruptcy, the petitioner has an opportunity to discharge certain debts by the time the bankruptcy process is complete. Although certain obligations may survive the bankruptcy process, IRS tax debt is dischargeable under certain circumstances.
To be dischargeable, IRS tax debt must meet the following criteria:
Importantly, if the IRS files a lien on any of your property with regard to the tax debt assessed against you, the debt becomes a secured debt. As a result, even if you receive a discharge for that debt in bankruptcy, the lien will remain on your property after the completion of bankruptcy proceedings.
When you receive notice from the IRS that you owe them more money than you could reasonably afford to repay, we can appreciate the stress that comes along with it. If you feel like you just can’t seem to get a handle on your financial obligations, you might benefit from filing for bankruptcy. At the office of Michael A. Fakhoury, ESQ., PC, we have almost 20 years of experience assisting Fishkill individuals and businesses tackle their financial issues. We are dedicated to providing you with comprehensive and compassionate legal services so you can rest assured that your economic future is in good hands.
Call the office of Michael A. Fakhoury, ESQ., PC at (845) 795-3326 or contact us online today for a free consultation about your legal options.