Bankruptcy and the Internal Revenue Service - The Lesser of Two Evils
"Tough circumstances...You are currently experiencing a terrible situation in your life. You have debt rushing at you from all sides. Perhaps you were a real estate agent or a construction contractor between 2004 and 2007, and you were living lavishly. Now that the bubble has ruptured, the money is trickling in.Changes occurred...You had become accustomed to a certain lifestyle, but now its cost is dragging you down. In addition, you owe money to the IRS. When business was prosperous, you were able to pay your taxes without difficulty. Now, however, you cannot, and the penalties and interest are constantly increasing. Worse, you cannot afford to pay on the tax debt right now, and you cannot resolve your IRS debt for a lesser amount because you still have too many valuable assets to qualify.Time for decision...You are contemplating bankruptcy to satisfy your creditors, but the IRS has other ideas. When I worked as an IRS-Hitman, we considered your IRS debt to be your top priority. We did not care about your other creditors or the fact that your home was about to be foreclosed. We only desired payment of your debt.Therefore, what is more crucial? Which is more important: satisfying your creditors through bankruptcy or paying off your IRS debt? Naturally, the IRS believes that they are more essential than your creditors, but let me assure you that anything your creditors can do or threaten to do pales in comparison to what the IRS will do!No compassion...As far as collection actions are concerned, IRS revenue agents have a great deal of discretion. There is little you can do to prevent them from entering your residence and seizing nearly everything you own. Your creditors can only repossess what you owe them, and depending on the state in which you reside, they can only contact you through a collection agency.Not what you were anticipating...Perhaps you are considering including your IRS debt in your bankruptcy filing. Think again. No tax debts can be claimed on a bankruptcy that is less than three years old. Since the majority of you have incurred debt within the past year or so, your tax debt would not qualify.I'm not here to advise you on which debt is most essential; I just want to provide you with the necessary information about the IRS.Now you have conclusive evidence...Use it!
" - https://www.affordablecebu.com/
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"Bankruptcy and the Internal Revenue Service - The Lesser of Two Evils"
was written by Mary
under the Finance / Wealth
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comments. The article was created on 03 June 2023
and updated on 03 June 2023