Bankruptcy is a term used when an organization or individual is unable to repay the outstanding. The IRS measures all the assets of the debtor and evaluates them. Once the process is complete, the IRS is relieved from the prior filing of bankruptcy.

Ideally, the IRS cannot collect taxes after ten years. But if the IRS notifies you as a taxpayer and you won’t pay the tax on time, you may end up losing all the valuable assets. If you are stuck in bankruptcy for tax debt, you must be aware of the current law. In case your income tax is due and your financial position is difficult, you should know the tax law to make the right decision. Having a skilled bankruptcy attorney by your side helps you to give clarity on an informed decision.

The U.S. (Houston) bankruptcy code is complicated. It dictates three chapters of bankruptcy. Chapters 7, 11, 12, and 13. This law comes under federal law and the case is directly sent to the federal court.

Chapter 7 is all about those who have no assets to pay their debt. It benefits student loans, child support, fraud, and alimony. These cases are directly sent under federal law of regulation. Chapters 11 and 12 give detail on seasonal businesses. The benefit will be earned by farmers, fruit sellers, fishermen, and other seasonal businesses. Chapter 13 is for detailed payment on financial problems.
Bankruptcy is never a private matter. A single mistake can dismiss your case.

It is best to handle tax liabilities by filing the tax return every time and making arrangements to pay taxes. A bankruptcy attorney in Houston is aware of all the different aspects of the tax law involving unpaid taxes and bankruptcy. The lawyers of our firm Mitchell Tax Law give you a positive feel. We place all the alternatives in front of you and explain the benefits and drawbacks of your decision. You get an evaluation of your financial situation. Our skilled lawyer will review your present financial status and advise you to the best. We negotiate with the creditors on your behalf and change the case to try the debt. An attorney can avoid legal action that your creditor is threatening against you.

Do not carry the tax burden any longer with you. Contact us and get a resolution on all kinds of taxes from our qualified experts.


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