Filing taxes is often our biggest dose of reality. This year, it will most likely be a perfect picture of how bad the economy has hit families across Missouri and Illinois. But, this time of year isn't just a busy time for tax attorneys; it is often a busy time for St. Louis, Missouri and Fairview Heights, Illinois bankruptcy attorneys. Why? Missouri and Illinois Chapter 7 or Chapter 13 bankruptcy can be the saving grace of your tax situation.
If you owe back taxes, you know that being in debt to the government isn't ideal. They don't have to follow the same rules to which your creditors are subject. The government can take further and stronger actions against you to collect the debt. Uncle Sam's methods of collection make it even more important to find a solution.
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A tax sale could be just around the bend for those in real estate tax debt. Situations in which your home is in danger are often confusing and leave you without anywhere to turn. However, there is a resource available that can lift the mists of confusion. In Missouri and Illinois, Chapter 13 bankruptcy can stop the sale and give a St. Louis Missouri or Belleville Illinois bankruptcy attorney time to protect your property. Moreover, bankruptcy will stop the interest and penalties from accumulating and put your debt into a repayment plan.
Income tax debt requires a different solution. If your income tax debt is 2 years old or older, you may be able to discharge it completely under certain circumstances. Does your income tax debt fall in the category of less than 3 years old? Missouri or Illinois chapter 13 bankruptcy can still stop interest and penalties and set up a repayment plan that won't kill your bank account.
If you're drowning in back taxes, start looking at your options now. It is possible to get rid of back taxes or make a repayment plan that can help you get back on your feet
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