Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Tax Debt Help and other Tax Relief topics.
After you have exhausted all your other available options with your tax debt, you may be able to gain some tax debt help by filing for bankruptcy.
Once you file for bankruptcy an automatic stay occurs. This protection stops collection efforts by any of your creditors, of which the IRS is the major one. An automatic stay will stop the IRS from issuing a tax lien or from seizing any of your property.
You need to be aware, however, that an automatic stay will only stop the IRS collection process. It will not stop any of the following IRS actions from happening:
Bankruptcy is a complicated legal issue that is out of the scope of this publication. It is best handled by a tax debt attorney who is knowledgeable in that area.
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Byron White |