Bankruptcy is often used as a means of getting out from under crushing tax liabilities or to simply stop collection while you get your affairs in order. However, only certain taxes are dischargeable in bankruptcy and then only under certain conditions. Furthermore, some assets protected during bankruptcy (such as your home) may be available to the IRS after the bankruptcy is over.

If the only reason you are considering bankruptcy is because of federal taxes, you should review the alternatives first. If you are filing because the IRS is about to seize your business or property, they can be stopped short of bankruptcy - not forever - but perhaps long enough to work out a payout agreement or prepare an Offer In Compromise.

If you are filing because you will never have the ability to pay the tax, then an Offer in Compromise may the best alternative. Review the options presented here carefully before you decide.

If you are in danger of eminent seizure - contact us. In most cases, we can help you without bankruptcy.