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A bankruptcy attorney may be able to help you to avoid the problems you are dealing with relating to back taxes. Often times, individuals find themselves owing a lot of money and not knowing what they are going to do to get up. If you have numerous debts and you are struggling to make payment, you may be thinking of filing with the court to go bankrupt. This could be an option, but it may not help with your tax debt concerns. By working with your lawyer, you can get a better understanding of what your options are and how you can avoid the onset of problems later. Who Do You Owe? Some types of debts are not dischargeable. This means that through the process of bankruptcy, you have to repay the debt. Not all taxes are dischargeable. Your bankruptcy attorney will give you more direction on what your options are and what you are facing. In most cases, debt from the federal government is not dischargeable. State, local, and county debt may be, but this depends on what it is. For example, if you failed to pay your real estate taxes, the county can take your home through foreclosure. That may or may not be preventable through this process. What Do You Owe? Next, it is important to consider what you owe. If you owe back taxes, there may be extensive fines and lay payments. If that is the case, these will add on to the debt burden as well. However, there is often help. Sometimes, the proceedings can help you to avoid payment these fees. It may be possible, for example, to reduce what you have to pay back to the agency you owe. Getting Reorganization Help Another option to consider is to avoid trying to discharge the debt in total and instead consider Chapter 13. In this form, you are able to reorganize your debt to make it easier for you to repay. This may mean structuring the debt to make it easier for you to pay monthly. In this form, you will pay a monthly amount to your trustee who will then pay it to those you owe money to. Over the course of three to five years, you can repay what you owe to these agencies. What are your options? To know, schedule a consultation with a bankruptcy attorney. He or she will discuss your case with you fully to better understand what you are facing. It could help you to avoid many of the pitfalls you are dealing with right now as you try to negotiate with tax collectors. Work with a legal professional for help instead. Are you looking for a reputable and knowledgeable bankruptcy attorney monmouth county? Then you should set up your free consultation with http://www.adamschneiderlaw.com right away.
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