Comprehensive Tax Debt Relief Solutions
Facing overwhelming tax debt? You’re not alone. The burden of significant tax liabilities can be incredibly stressful, impacting your financial stability and peace of mind. If you’re struggling with tax debt and seeking tax debt relief, you might be exploring all available options, including bankruptcy.
Understanding Tax Debt and Bankruptcy
While bankruptcy is a powerful tool for various debts, it’s crucial to know that not all tax debts are dischargeable. The possibility of achieving genuine relief through bankruptcy depends on the specific circumstances of your situation and the type of tax debt you owe.
Get Expert Guidance on Your Tax Debt Options
Navigating the complexities of tax laws, bankruptcy, and finding tax debt relief is challenging. You need expert knowledge and guidance.
The experienced attorneys at Rulon T. Burton & Associates specialize in helping individuals and businesses find effective solutions. We are here to help you understand your options—whether through bankruptcy, negotiation, or other means—and develop a personalized strategy to address your tax debt and achieve lasting financial relief.
When Can Bankruptcy Offer Tax Debt Relief?
For certain Income Tax Debts to be eligible for discharge (complete relief) in bankruptcy, specific criteria must be met:
- The Three-Year Rule: The tax return must have been due at least three years before you file for bankruptcy.
- The Two-Year Rule: The tax return must have been filed at least two years before you file for bankruptcy.
- The 240-Day Rule: The tax assessment must have been made by the taxing authority at least 240 days before you file for bankruptcy.
- No Fraud/Evasion: You must not have engaged in any fraudulent activity or willful tax evasion.
Even if Tax Debt is Non-Dischargeable, Bankruptcy Provides Relief
Even if your tax debt does not qualify for complete discharge, bankruptcy can still provide significant relief by:
- Stopping Collection Actions Immediately: Filing for bankruptcy triggers the automatic stay, a legal injunction that instantly halts nearly all collection actions by the IRS or state tax authorities. This provides immediate breathing room to plan for tax debt relief.
- Restructuring Payment Plans: In chapters like Chapter 13, you can often include your non-dischargeable priority tax debt in a structured repayment plan over three to five years. This can prevent levies and garnishments while ensuring the debt is paid in a manageable way, leading to long-term relief.
- Protecting Your Assets: Bankruptcy can help safeguard your valuable assets from potential seizure or levy by tax authorities, allowing you to retain essential property and rebuild your financial foundation securely.
Rulon T. Burton Can Help You Find Tax Debt Relief
Don’t let tax debt overwhelm you. Taking action is the crucial first step toward resolving your financial struggles and regaining control.
Contact Rulon T. Burton & Associates today to schedule a free, confidential consultation with one of our experienced bankruptcy and tax relief attorneys. We will assess your unique situation, clearly answer your questions, and help you explore the best path forward to achieve a fresh financial start.
Get Started Today and begin your journey toward lasting financial relief.