Bankruptcy Law

Is Bankruptcy the Answer to Your Problem?

Before anyone considers bankruptcy as an answer to their problems, they must first consider if it really is an option, or if other plausible alternatives still exist.

Although Jozwiak Law has helped many clients successfully obtain a fresh start through bankruptcy, by discharging millions of dollars of income taxes, penalties, interest and other debts they would otherwise never be able to pay, the complicated set of rules which govern, if and when an income tax can be discharged, may not be in your favor. Taking advantage of the "Offer in Compromise" program provided by the Internal Revenue Service may be more suited to a particular taxpayer's case, rather than a Bankruptcy filing. Furthermore, filing for Bankruptcy even one day too early can render a tax debt non-dischargeable. This means that you will still be stuck with having to pay the taxes even after your bankruptcy is finalized.

NOTE: Congress has been trying to make it more difficult to diminish or eliminate debts through bankruptcy these last few years, by amending the laws. Included in these amendments could very well be restrictions on diminishing or canceling income tax debt. So it is in your best interest to contact an experienced attorney before these laws possibly do come into effect, and invalidate some of the options that may still be currently available through Bankruptcy.

If you feel that any of this applies to you or your situation, do not hesitate to call us for an appointment.