All You Need To Know About Declaring Your Bankruptcy

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All You Need To Know About Declaring Your Bankruptcy

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Under many circumstance many times, you fail to make payments on time and pass the due date consecutively for a couple of months, then under this circumstances filing for bankruptcy may be the only viable option left. Alternatively, you can also for IRS payment plan.

If you are planning to file for bankruptcy as in individual, filing under chapter 13 is common and feasible option. But before you file under this chapter, you must take care of the following things-

  1. All your previous and pending tax returns are filed for at least last 4 years before you apply for bankruptcy.
  2. You must continue to make current payments of taxes as their arise while your case is on.
  3. You must all continue to file your returns on time or request for an extension.
  4. In case you fail to follow the above and make the payments on time, your bankruptcy case may also get dismissed.

If the filing party is a partnership or a corporation, they can file for bankruptcy under chapter 7 or 11. an individual may also file for bankruptcy under chapter 7 and 11.

Informing the IRS of your Bankruptcy Filing

When you file for bankruptcy, you need to furnish all detail regarding your creditors whom you owe money. So if you have listed the IRS (Internal Revenue System) as a creditor when you filed for bankruptcy, they will automatically receive an electronic notice regarding your case from the US Bankruptcy Court. This may take about 1-2 days.

In case you have any concerns about how to go ahead or regarding the filing, get in touch with the professionals at Recovery Law Group –