There are often non-bankruptcy options available for those individuals who would like to use some of their available assets to settle their debt, instead of filing for a bankruptcy. Depending on a person’s financial situation, hardship and available assets, it may be possible to negotiate the debts and settle them for much lower than the total amount owed.
At Hashemi Law Corporation, we negotiate with your creditors individually, and do our best to achieve the lowest possible settlement of debt. Usually, if the settled amount is paid via lump-sum (in one payment), it is easier to negotiate a lower amount thereby saving you more money.
Repaying your tax debt should be taken very seriously and not ignored. Aside from very high interest and penalties, there may be other more serious consequences associated with owing money to the IRS. Many individuals, whose tax debt is out of control, resort to filing a Chapter 13 Bankruptcy and repaying it with a fixed monthly payment. There are also other ways of repaying your tax liability to the IRS. These include setting up affordable monthly Installment payments, submitting an Offer in Compromise for a lesser amount to the IRS, or filing for Non-Collectible Status, amongst other things.
At Hashemi Law Corporation, we also negotiate on your behalf with the IRS directly and attempt to negotiate a reasonable payment amount, such that your assets and income are fully protected.