For many Wisconsin residents, income taxes are a major source of stress. This is especially true for people who cannot afford to pay the money that they owe. Year after year, back taxes continue to add up, resulting in significant debt and other penalties.
If you have found yourself in this situation, you may be scared and wondering what to do next. You may also be facing other financial problems, and you may be wondering if bankruptcy might be the solution.
Generally speaking, tax liabilities are not dischargeable through bankruptcy. But there are exceptions to this general rule. For example, unpaid taxes relating to a tax return that is at least two years old and not having to do with fraud or tax evasion might be eligible for discharge through bankruptcy.
Additionally, tax penalties applied by the Internal Revenue Service because of unpaid or unfiled taxes can often be reduced or eliminated during the bankruptcy process.
Even if it is not possible to take care of your tax liabilities through bankruptcy, other options are still available, such as working with the IRS to reach a payoff deal for a lower amount. Together, we can meet with the IRS to help you face your tax liabilities head on.
Our firm has years of experience helping many Wisconsin residents in your same situation. Although you might feel scared and alone at this point, know that taking action to deal with your situation is the first step toward a fresh start.
To find out more about our firm and how we can help, please visit our Milwaukee Bankruptcy & Taxes Attorney page.