Central Arkansas Bankruptcy Attorneys
Do you owe income tax to the state or federal government? Do you owe real estate tax or personal property tax? Has the IRS or the state contacted you to get you to pay? Do you already have enough debt on your plate without having to deal with this too?
At the Pray Law Firm in North Little Rock, Arkansas, we help people address tax debt through bankruptcy. Tax debt is considered a priority debt. While tax debt may not be dischargeable, if it is part of your overall debt load, our experienced lawyers can offer guidance about how bankruptcy can serve as a positive solution for you.
How Old Is Your Tax Debt?
Have you heard that tax debt is not dischargeable in bankruptcy? While recent tax debt cannot be discharged in bankruptcy, old tax debt can. If your tax debt is more than three years old, it may be considered unsecured debt. Like other unsecured debt, it can be discharged.
Bankruptcy Is a Solution
Even if your tax debt is more recent, and thus not dischargeable, bankruptcy is still a positive step toward a resolution. Filing bankruptcy stops interest and penalties from accruing.
If you file Chapter 7 bankruptcy, you may find that the elimination of other debts makes it much easier for you to pay off your tax debt. If you file Chapter 13 bankruptcy, you will be able to pay your tax debt off as part of your repayment plan. We will review all of your debts and guide you toward the solution that makes the most sense in your specific case.
Contact Us for a Free Consultation
To speak with one of the North Little Rock income tax debt attorneys at our firm, call 501-588-7044, or contact us by e-mail.
