Thursday, November 22, 2012

Debt Relief Services for the Tax Defaulters


There are many individuals who are facing a tough time paying their bills and are failing to pay their taxes on time. It may be because they have suffered loss in business or have been ignoring to pay the taxes due to any other reason. Failure in tax payment is considered to be a serious offence, which has serious consequences. The defaulters might have to face tax lien, wherein, the government seizes their real estate property, retirement accounts, brokerage, and savings account. If the tax lien is filed, the individual's credit rating would be affected and he/she will not be able to buy or rent a house, rent an apartment or sign a lease. For such individuals, debt relief services from the specialised firms, is the only ray of hope.


Many companies or individuals file for bankruptcy and it is the only option for them that seems feasible. Now-a-days due to the poor economic scenario bankruptcy has become a common phenomenon. As per the federal laws bankruptcy is designed to help the individuals who are deep stuck in debt. Liquidation and reorganisation are the two different types of bankruptcy. The chapter 7 denotes liquidation bankruptcy while chapter 9, 11, 12 and 13 are for reorganisation. The process in a bit complex and to understand it completely, individuals must seek professional help from the bankruptcy lawyers.

The tax collection process is triggered by the Internal Revenue Services or IRS, sending three consecutive letters, if the first and second letter is not responded to. Later, the IRS authorities contact the defaulter on phone or they send their representatives to have a one on one conversation with the defaulter. The officer who contacts the defaulter is basically the revenue officer; he contacts the relatives, friends, business associates, employers, colleagues and co-workers of the concerned person and find out the ways of tax collection.

There are many companies who help defaulters in finding out the better ways of tax payment. These companies have specialised professionals who already have the experience of working with the IRS. Before offering their suggestions, the debt relief officers understand the defaulter's actual financial condition. By using the guidance and knowledge of these professionals, the defaulters can save their properties. The bankruptcy lawyers negotiate with the IRS agents as a result of which the defaulters sometimes get more time for payment or they are able to save their properties. Sometimes, if the tax lien is already imposed, the professional representation might help the defaulters in releasing the same.

61 comments:

  1. your article is quite interesting, it gives me a lot of information and tips that are very useful when problems comes along..i am very impressed that you have shared this one..thanks a lot.

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  2. Thanks for the great tips and suggestions. With tax season surrounding us, I appreciate your willingness to shed light on this complicated issue.

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  3. Very interesting article. I am interested in finding a good Gilbert bankruptcy attorney. Do you know where I can find one? Thanks.

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  4. I used to work doing debt consolidation so I know how needed this service is. I can only imagine how packed the bankruptcy attorneys in Anoka MN must be.

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  11. Thanks for posting this. I have been looking for a bankruptcy attorney Peoria, IL. Hopefully I can get my act together now and all of my debt figured out.

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  12. I really appreciate this great information. I am looking for more information on finding a bankruptcy attorney in Peoria IL. Thanks.

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  15. I have a friend that is going through some hard times and he had to clam bankruptcy. I need to help him to find a good and reliable bankruptcy attorney in utah. Give any suggestions that you might have, it would be very appreciative.

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  16. I have fallen on really hard times and need to find a great Bankruptcy Attorney in Chicago IL. Who could you recommend?

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  17. Thanks for sharing. I am also looking forward to the suggestions.

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  18. Thank you! I will have to talk to my Cherry Hill NJ bankruptcy attorney about it! It is a very stressful time.

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  22. What a good news and relief for those with debts. Thumbs up for you.

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  23. We recently tried to buy my son a new car for graduation. Then we realized that we did not have enough funds. Would you happen to know of a very helpful bankruptcy lawyer near Centennial, CO ?

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  24. The bankruptcy lawyers specialize in the rules and laws which are related to the bankruptcy. However, it is also important to know that not every lawyer is experienced in the particular laws of the state. That is why it is highly advised to hire a local lawyer who has some good information about different laws of bankruptcy of your state. Here you can find.
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  25. I like the issues discussed above and information shared is really helpful. Given great insights and lightens the hidden part of bankruptcy, credit harassment. Anyone needing Utah chapter 7 bankruptcy attorneys can contact through email or contact number.

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  26. I had a construction business that recently went belly up. I am trying to coordinate my assets and get myself into a manageable debt. What are the top things to consider when looking for a bankruptcy attorney?

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  27. I have never been so stressed as I am now. I think I just need a little push in the right direction to help me back on my feet with this whole bankruptcy thing. This is all really good to know, thanks for sharing.

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  28. I didn't know the government could take so much from someone who doesn't pay their taxes. It seems kind of horrible on the surface, but generally people know they are supposed to pay their taxes. The IRS does give you three chances to talk with them. I think I'm just going to always pay my taxes and avoid the hassle.
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  29. My my husbands previous debt and mine we are finding it hard to stay afloat. I think talking to a bankruptcy lawyer could be very beneficial just in case. I am going to do everything in my power to avoid it, but it is not looking good.

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  30. It's hard to deal with bankruptcy. Whether you are a small business or a small family. The economy affects everyone. There are people out there to help you though.

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  31. There are definitely a lot of people who can help with bankruptcy. There are many different places that I've seen in my search. I'm still trying to decide on a place to go to, but I have a lot of options.
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  33. Thank you for the post. It is important to get a lawyer when your company seems to be going bankrupt. On average how much does it cost to hire a bankruptcy lawyer?

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  34. My friend is having some financial troubles. He is looking at different options to help him get out of debt. He is really considering filing for bankruptcy.
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  35. Thanks for the information. I agree, bankruptcy has become more and more common these days, which is painful to see. It's not a punishment, though, it's to help people recover and get back on their feet. It's hard to do, but it's so much better in the long run.

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