If you have been struggling with tax debt, bankruptcy is a viable solution. The rules for qualifying are strict but if they’re met and followed once filed in court, the IRS will not come after you for additional payments. On the other hand, if you do not follow rules set forth in court, the IRS will be after you to collect money once the bankruptcy period has ended.
How Do I Pre-Plan for Bankruptcy?
At Patriots Tax & Accounting we have helped many clients avoid bankruptcy but have also aided in pre-planning for bankruptcy.
Financial moves are never simple, and bankruptcy is no different. In fact, there are many steps that must be considered before filing for financial relief which can keep more property from being taken by creditors in the event of an emergency or reduce debt levels while ensuring your case proceeds smoothly through all stages.
Our bankruptcy pre-planning services consider:
- Timing of bankruptcy and other factors that have recently occurred
- Bankruptcy exemption laws
- Budgeting for bankruptcy
When preparing for bankruptcy it is essential to have an experienced accountant who knows the laws and can help you keep what is yours, while minimizing the overall impact of your future finances.Get A Free Consultation*