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Minimizing or Eliminating Tax Debts in Indiana
Myth: The IRS has to sue me like any other creditor before they can garnish my wages.
Fact: The IRS is not like other creditors. They don't have to sue you before they garnish your wages. They can also garnish certain sources of income, such as Social Security, that other creditors can't. They can levy bank accounts, and put liens on real estate and other personal property. Time is a major factor on what the IRS can do. An otherwise dischargeable tax debt may not be so easily discharged if you delay and they file a tax lien securing the debt with your property. So if you have tax debts, do not delay — seek the advice of an attorney immediately.
With interest and penalties being tacked on daily, state and federal tax debts can quickly become unmanageable. Often the original taxes owed are dwarfed by the interests and penalties. While there are things a lawyer can do to reduce or eliminate tax debt, you have to act quickly.
At the Law Office of Colby J. Leonard, we offer a free initial consultation to explain the various legal ways you can eliminate or reduce your tax debt. Those options include:
- Offer in compromise: We will offer the IRS or state tax authority a settlement for less than the full amount of tax you owe.
- Abatement of interest or penalties: We will ask the IRS to drop some or all of interest or penalties that you owe. By eliminating interest and penalties, you may be able to afford a repayment plan on the original tax debt.
- Qualify you for uncollectable status: If you are unemployed, disabled or retired and have minimal or no assets, then attorney Colby J. Leonard will assist in having you declared uncollectable. Once you have been declared uncollectable, the IRS will cease collection actions for a certain period of time. Your uncollectable status can then be renewed until your situation changes. Often you can remain "uncollectable" indefinitely!
If you have substantial debts in addition to the taxes you owe, filing bankruptcy may also help you minimize or eliminate tax debts.
Did You Know?
- Filing Chapter 7 bankruptcy can discharge certain tax debts.
- Filing Chapter 13 bankruptcy will enable you to put your tax debt in your repayment plan and pay it off over a three- to five-year period without accruing interest or penalties.
Free Attorney Consultation
If you are facing tax debt problems, you have nothing to lose by seeking an attorney's advice. You have a lot to lose by postponing it. Call 317-622-0385 (866-654-5889 toll free) or fill out the contact form on this Web site to arrange a free initial consultation with the Law Office of Colby J. Leonard. We have offices in Indianapolis and Muncie, Indiana.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
