Leading bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA discussed the process of clearing tax debt through bankruptcy. For more information please visit https://bryankeenanattorney.com
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In a recent interview, bankruptcy attorney Bryan Keenan, founder of Bryan P. Keenan & Associates, PC in Pittsburg, PA, has just revealed important facts about wiping out tax debt.
For more information please visit https://bryankeenanattorney.com
When asked to comment, Keenan said, "Many people put filing for bankruptcy on the back burner; however, one benefit is eliminating tax debt. Here are some things you should know about clearing tax debt through bankruptcy.”
Anyone who declares bankruptcy will receive immediate relief..
‘’As soon as you file, an automatic stay will go into effect, which stops collection activity from credits. The IRS is considered one of those creditors. They won’t be able to garnish your wages, levy your bank accounts, or file tax liens,” he said.
The Internal Revenue Service (IRS) is prohibited from collecting any debt that is discharged by the bankruptcy court. Nevertheless, as explained by Keenan, specific criteria must be satisfied for the relief of tax debt. When prompted for clarification, he stated, "The tax debt must be associated with income from wages, tax returns must have been filed, and the debt must be more than three years old."
The manner in which tax debts are repaid depends on the specific bankruptcy chapter selected. "In Chapter 7, a discharge of debts shall occur in 4 months in the ordinary course. Conversely, Chapter 13 offers the option to establish a payment plan with the IRS for non-dischargeable debts, spanning a period of three to five years for more manageable repayment."
Keenan added that complications may arise if the IRS has already filed a tax lien.
“A tax lien alters the status of your tax debt. It will become a secured obligation, which means that you'll have to pay a portion, or all of the tax debt owed.
“If you’re unsure which type of bankruptcy you should file due to any unpaid taxes, then the best thing to do is to contact an experienced bankruptcy attorney,” Keenan added.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bryan Keenan
Email: Send Email
Organization: Bryan P. Keenan & Associates
Address: 993 Greentree Rd #101, Pittsburgh, PA 15220,
Phone: 412-922-5116
Website: https://bryankeenanattorney.com
Release ID: 89127952
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