As you have seen by now, the bankruptcy laws are
very powerful, and are designed to allow you, if
you choose, to keep your property. The goal is to
either provide you with a fresh start, or to allow
you to get back on your feet, and satisfy your obligations
over a period of time. This concept may even apply
to any IRS, state, or local tax issues you may be
facing.
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The bankruptcy laws may enable you to significantly
reduce tax liability owed to a government taxing
authority. As you can imagine, certain qualifications
and restrictions apply. However, it is always advisable
to prepare and file all federal, state and local
tax returns when they are due. This is true even
though you do not have the funds to pay the tax
liability at the time the return is due.
For more information on tax liability, call Spiroff
Law at 614/224.2104.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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