A situation of bankruptcy is a condition where a person fails to pay his or her own dues and payments, and after it is filed it becomes a legal process in which the debtors are helped in paying their dues and the lenders are also paid back what they deserve. It has been a fact that a bankruptcy releases the borrower or the defaulter from a number of debts and taxes and the discharged debts are not supposed to be paid. However, contradictory to popular beliefs, all debts are cannot be discharged in bankruptcy and some of them include family support, student loans, tax debts and others. This is the reason why you cannot expect to get a tax relief so easily and it can be a problem if you do not have enough knowledge in hand. Now, first you need to identify the nature of your situation and see as to how serious the problem is.
Consulting a lawyer right at the beginning when you have just decided to file a bankruptcy can help you in more than one way. A tax and bankruptcy lawyer who is able to understand your problem more deeply, might just help you in figuring out an alternative way in which you do not have to resort to filing a bankruptcy and the problem can be sorted out with the help of some other source.
If you have just decided to file a bankruptcy, having a lawyer on your side will definitely help you in choosing the right bankruptcy form and will also inform you about the various clauses and tax related effects that you would face on filing that particular form. A tax attorney is well versed with such cases and can guide you as to what is right and what is wrong as one small mistake in just filling a wrong form can lead to far reaching consequences.
If you have a serious problem of tax in your bankruptcy case and you still haven't consulted a lawyer, then it's never too late and doing it as soon as possible, so that your situation doesn't aggravate further, is a good idea. The advantage of choosing a bankruptcy lawyer who is also well versed with tax issues is the best option you can go for as they know exactly what they are doing and are able to keep all the dimensions of the problem in mind. A bankruptcy lawyer will help you in understanding the forms, different chapters of bankruptcy and the tax consequences which arise with it. He will not only have knowledge but also a good experience in handling cases in both issues.
Another plus point in consulting a lawyer who has a bankruptcy and tax case experience is that due to the history of so many similar cases as yours, they already have a tie up with a number of professional tax and accounting organizations which help in discharging tax, and consulting the lawyer helps you more as now you do not have to deal with them on a one-on-one basis and the lawyer will handle your case in every way possible. Dealing with the IRS, the tax collecting agency can be hard and the lawyer will help you with this also by looking for points which argue in your favor and help you buy some time also. Mentioned above are some of the advantages that you have if you consult a bankruptcy lawyer in tax relief cases and avoiding one can lead to circumstances which can cost you much more than what it would have been if you had followed legal advice on the issues.
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