• Home
  • Our Mission
  • Meet The Team
  • Testimonials
  • Blog
  • Contact
  • Call Us Today: (615) 264-5695

Bankruptcy Law Attorney Hendersonville TN - Erickfox

Eric Fox is experienced in Bankruptcy Law, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Debt Negotiation and Estate Planning Law cases in Hendersonville TN.

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

July 16, 2014

Chapter 13 Bankruptcy and Tax Debt

There are many different types of debt. While a lot of people have consumer debt — from making purchases — or medical debt, tax debt is also common. Tax debt is generally owed to either the state or to the federal government. This debt accrues interest and penalties when Tennessee residents cannot afford to pay their tax obligations. Tax debt can quickly grow if people are unable to pay the amount owed on time.

Like other forms of debt, people are often in need of debt relief when they face large amounts of tax debt. However, unlike consumer debt, medical debt or other types of debt, the federal government makes it more difficult to erase this type of debt. But, with the right help, it can be possible.

In particular, a Chapter 13 bankruptcy can help a person erase their debts and get a fresh financial start. Under Chapter 13 bankruptcy — the most common form of consumer bankruptcy — the court creates a repayment play for the person. Under this repayment plan, a portion of the person’s debt is paid over three or five years. If the person sticks to the repayment plan, any remaining debt is discharged following the time period.

The IRS may be willing to dismiss part of a person’s tax debt in certain situations. They will assess a person’s assets, expenses, income and ability to pay when making this decision. In order to receive assistance in repaying back taxes during a Chapter 13 bankruptcy, people need to follow some rules. If these rules are broken, the IRS may not agree to dismiss portions of the debt. For example, people must file tax returns during the bankruptcy and must pay their taxes in full during the bankruptcy. Additionally, people must have filed all their taxes during the four years that were proceeding the bankruptcy.

Chapter 13 bankruptcy can be a good option for consumers in many situations. People who need debt relief — from any type of debt — should explore their legal options so they can move forward with their life.

Source: Fox Business, “Can I File Bankruptcy on the Taxes I Owe the IRS?,” Judy O’Connor, July 3, 2014

Tags: Chapter 13, Chapter 13 bankruptcy, debt relief, fresh financial start

Related Posts: Do you qualify for Chapter 13 bankruptcy?, Chapter 13 bankruptcy is made easier with our help, The Chapter 13 repayment plan, Tennessee Chapter 13 bankruptcy and discharge of debts

Article by Eric Fox / Bankruptcy, Chapter 13, Chapter 7, Collections, Debt / attorney, bankruptcy, bankruptcy attorney, bankruptcy proceeding, Chapter 13, Chapter 13 bankruptcy, Chapter 7 bankruptcy, consumer debt, credit card debt, debt, debt management, debt relief, debtor, foreclosure, fox law, fresh financial start, gallatin, hendersonville, law, law firm, law office of eric k fox, lawyer, personal injury, property, struggling with debt, sumner county, tennessee Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Bankruptcy
  • Chapter 13
  • Chapter 7
  • Collections
  • Debt
  • Foreclosure
  • Personal Injury
  • Retirement
  • Uncategorized

Archives

  • January 2022
  • August 2020
  • July 2020
  • March 2018
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • July 2010
  • June 2010

Fox Law

Whitehall Building
103 Hazel Path Court, Suite 6
Hendersonville TN 37075

Monday - Thursday: 8AM - 5PM
Friday: 8AM - 3:30PM
Weekend and Evening Hours by request
Local Phone: (615) 264-5695
Fax: (615) 264-5655
Email: eric@ericfoxlegal.com

Practice Areas

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

About Us

  • Our Mission
  • Meet The Team
  • Testimonials
  • Contact

Connect

FB icon
Linkedin icon
Google plus icon

Bankruptcy Attorney - Erickfox
Bankruptcy Attorney Hendersonville TN - Erickfoxn
Debt Relief - Erickfox
Estate Planning Hendersonville TN - Erickfox

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

This website is not intended to constitute legal advice creating an attorney-client relationship.


© Copyright 2015 The Law Office of Eric K. Fox · Website Design by StorySellers