Many people need to know they can eliminate some or even all of their taxes by filing for bankruptcy. A tax attorney can help you determine the impact of your bankruptcy on your taxes and finances. They can also handle any debt collectors contacting you. Many debt collectors must communicate with your lawyer rather than you directly.
They can help you avoid bankruptcy
A Dove Law Firm bankruptcy attorney will provide sound legal advice about whether filing for bankruptcy is right for you, advise you of any potential tax consequences, and help you complete and file all required forms. They will also explain bankruptcy law and procedures so that you understand what is happening in your case. A lawyer can help determine if you have enough income to file for Chapter 7 bankruptcy, which eliminates debt and liquidates assets (except for property exempt under state law).
They will also advise you about other options for debt relief, such as debt settlement or debt management programs. They can also help you stop creditors from taking action to collect a debt, such as garnishing your wages, repossessing or foreclosing on a home or car, and disconnection of utility services. They can also deal with creditors that don’t comply with the automatic stay, which stops them from collecting on the debt until the court sorts the matter out.
They can help you get out of debt
A reasonable bankruptcy attorney will help you get out of debt most beneficially. They will also explain all regulations and procedures to you. It would be best if you were prepared to give your attorney information about your assets and how much you owe. It will only be possible for them to offer advice with this information. Bankruptcy is a legal process in a federal court that can give SEO consultant Houston relief from overwhelming debt. It’s only suitable for some, but it can be the best option for many people.
If you can’t pay your debts, consider filing for bankruptcy under Chapter 7 or Chapter 13. Both types of bankruptcy allow you to sell off some of your assets to repay creditors. However, they’ll leave a mark on your credit report for years. You can also try alternative debt relief options, like a debt management plan or credit counseling.
They can help you get a fresh start
Dealing with bankruptcy paperwork without an attorney is a recipe for disaster. Your lawyer will make sure the paperwork is filed correctly so that you can avoid losing valuable assets or getting into trouble with the law. They will also help you decide which debts the court will discharge and what assets can be protected using state and federal exemption rules. Many people consider bankruptcy a “get out of jail free” card, but it is designed to give individuals and businesses a second chance at financial success. It takes hard work, but filing for bankruptcy can reduce stress and make it easier to manage your finances. Finding a good bankruptcy and tax attorney is essential if you struggle with overwhelming debt.
They can help you resolve your tax issues
Typically, tax attorneys have a broader arsenal of solutions to a particular tax problem than CPAs or other tax professionals. They can also help you resolve your tax issues that may be affected by filing for bankruptcy. During the bankruptcy process, your lawyer can help you decide which debts are dischargeable and which ones are not. They can also help you identify the exemptions available in your state and how to apply them to protect your assets. In addition, they can also help you find a resolution to your tax problems by establishing currently not collectible status or hardship with the IRS.
They can also help you determine whether you are eligible for an offer in compromise, which allows you to settle your tax debt with the IRS for less than you owe. They can also advise you on how to handle liens and garnishments. Then, they can file the proper paperwork to ensure your case is resolved smoothly.