{"id":6129,"date":"2022-08-08T10:50:00","date_gmt":"2022-08-08T10:50:00","guid":{"rendered":"https:\/\/recoverylawgroup.com\/?p=6129"},"modified":"2023-03-30T12:50:06","modified_gmt":"2023-03-30T12:50:06","slug":"all-you-need-to-know-about-declaring-your-bankruptcy","status":"publish","type":"post","link":"https:\/\/recoverylawgroup.com\/staging_D\/all-you-need-to-know-about-declaring-your-bankruptcy\/","title":{"rendered":"All You Need To Know About Declaring Your Bankruptcy"},"content":{"rendered":"

Call: <\/strong>888-297-6203<\/strong><\/a><\/p>\n

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.<\/p>\n

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

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

    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.<\/p>\n

    Informing the IRS of your Bankruptcy Filing<\/strong><\/p>\n

    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.<\/p>\n

    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 – https:\/\/recoverylawgroup.com\/staging_D\/bankruptcy\/<\/a><\/p>\n\n

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