Tax Debt & Bankruptcy
Managing tax debt can be overwhelming, and for many individuals and businesses, it feels like an insurmountable burden. At Ariyo Mackay Official, we understand the complexities of tax debt and bankruptcy, and we’re here to guide you through the process with clarity and compassion.
Understanding Tax Debt
Tax debt arises when individuals or businesses owe the IRS or state tax authorities more than they can pay. Ignoring this debt can lead to severe consequences, including wage garnishments, asset seizures, and mounting penalties. However, you have options to resolve your tax obligations and regain financial stability.
Can Bankruptcy Discharge Tax Debt?
Bankruptcy is a legal tool designed to help people eliminate or restructure their debts. While not all tax debts are dischargeable, filing for bankruptcy can provide relief under specific circumstances. The two primary bankruptcy options related to tax debt are:
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Chapter 7 Bankruptcy: In some cases, income tax debts may be discharged if they meet certain criteria, such as being at least three years old and filed on time.
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Chapter 13 Bankruptcy: This option creates a manageable repayment plan, allowing you to pay off tax debts over time while halting collection efforts.
Exploring Tax Relief Solutions
Beyond bankruptcy, there are additional strategies to resolve tax debt, including:
- Offer in Compromise: Settle your tax debt for less than the full amount owed.
- Installment Agreements: Pay your debt over time through a structured plan.
- Penalty Abatement: Request a reduction or elimination of penalties.
How Ariyo Mackay Can Help
With years of experience in financial services and personal wealth management, Ariyo Mackay is committed to empowering individuals facing tax debt. We partner with trusted resources like American Tax Defense to provide comprehensive solutions tailored to your unique situation.
If you’re struggling with tax debt or considering bankruptcy, don’t face it alone. Contact us today to explore your options and take the first step toward financial freedom.