When You Are Unable to Pay off Your Taxes
Spring is a nice and enjoyable season, but when you remember the tax time, the merriment does not retain for much time. It evokes immense tension for those people who are liable for a tax deduction. It becomes stressful if the one owes the IRS. Be cautious if you can’t afford to make the payment of your taxes as the IRS can decide to hit you with the increased interest rate as late penalty.
As it is about your financial matter, it is better not to take any risk and go with the advice of the professionals. Staying in OKC will benefit you as there are lots of debt consolidation attorneys in OKC to help you out in this case.
Learn your available options for the unpaid taxes:
You can use the feature of personal loan or credit card to your owed amount. You may think twice about this option as you are going to borrow again to pay another due amount. But there are options for the low-interest credits and it is lesser than the IRS charges and consequences of missing tax payments.
Asking the IRS for plans can help you too to pay off the debts in monthly amount. The plans can be both for short and long tenure. The short-term ones do not need an application, but longer plans do. Where with these plans you can be free of the stress, but you can’t save yourself from the penalties and interest. There can be some additional fees as well. You can consult the debt consolidation attorneys in OKC for more details about the plans.
The last but not the least option is filing for bankruptcy. The personal bankruptcy filing can’t get you rid of the IRS debts, but you can be free from the other debts so that you can invest the rest of the amount for repaying the tax obligations. There are two types of bankruptcy – Chapter 7 and Chapter 13. The first one discharges the unsecured debts and you can start over in four months. The latter one recognizes your debts and allows you to pay every month and get rid of the debts in three to five years.
There are more options but the complexity of your case is a factor here. You can visit our expert debt consolidation attorneys in OKC and get useful suggestions for handling the situation. We are Chris Mudd and Associations, a group of proficient and eligible lawyer you can rely on.