Tax Debt Attorney
IRS Tax Relief
If you need an income tax attorney in Columbus, Ohio, Jump Legal law firm can provide IRS tax relief by eliminating your tax debt through bankruptcy. That’s right; your tax debt may be eliminated by filing bankruptcy. And if your back taxes cannot be eliminated, they can be managed.
Benjamin Franklin said, essentially, that there were only two things certain in life: death and taxes. Jump Legal Group can help you with the latter. If you are a small business owner or self-employed, Chapter 7 or Chapter 13 bankruptcy can help you repay your business taxes to the IRS while stopping penalties and interest from accumulating.
We Provide Taxpayer Debt Relief Options
Understanding Chapter 7
Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” is a legal process designed to provide a fresh financial start when you’re overwhelmed by unmanageable debt, including debt from unpaid tax owed to the IRS. Through this process, you can wipe out qualifying federal income tax or state income tax debts, as well as other eligible unsecured debts, such as credit card balances, medical bills, and personal loans. This offers immediate relief from collection efforts by the IRS or creditors.
An appointed trustee may liquidate non-exempt assets to pay off creditors. However, exemptions often allow you to keep your essential possessions. Chapter 7 allows you to rebuild your credit over time without the burden of excessive debt from unpaid tax. While eligibility requirements exist, for those who qualify, it can be a powerful tool to regain control of their financial future and achieve much-needed relief from overwhelming debt, including debt from tax that’s owed to the IRS.
Understanding Chapter 13
Chapter 13 bankruptcy, known as “reorganization bankruptcy,” presents a structured approach to managing and eventually repaying the tax you owe to the IRS over a manageable timeframe. It doesn’t involve liquidating assets from your estate; instead, it centers on creating a court-approved tax repayment plan that spans three to five years. This plan allows you to prioritize debts, including non-dischargeable tax debts as well as car loans and missed mortgage payments, while keeping valuable assets safe from seizure. This form of bankruptcy provides the opportunity to halt creditor actions through the automatic stay and establish a realistic, sustainable tax payment schedule. As you make payments, you move towards the eventual discharge of remaining eligible debts. You also gain a structured path to regain control over your financial obligations, protect assets, and gradually rebuild your credit profile.
Pay Your Income Taxes Using Chapter 7 or Chapter 13 Bankruptcy
Do You Have Old Tax Debt?
Generally speaking, the older the debt from unpaid tax , the more likely it is that a Chapter 7 bankruptcy can eliminate it, or a Chapter 13 can partially eliminate it. Because these issues are so case-specific, depending on when and if the taxes were filed, whether you filed them or they were filed by the IRS, and so on, we recommend you make an appointment for a free initial consultation with one of our Ohio attorneys. Bring your tax transcripts (visit www.irs.gov) with you and we can help you understand these factors and how they may or may not apply to your case.
Is Your Tax Debt New?
When your tax debt first became due within the past three (3) years, a Chapter 13 bankruptcy may be your best option. In a Chapter 13, we can stretch your debt over a longer period of time and you can pay less than what is owed to the IRS – which makes it easier for you to get out of debt.
If the debt is the result of a recent large lump assessment or penalty, we can also stretch that out for you over the life of the Chapter 13 plan, generally three to five years. Contact our Ohio attorneys for a free initial consultation.
Our Process for Solving Your IRS Tax Problems
The tax lawyers at Jump Legal are dedicated to helping you get out of debt from unpaid tax and onto a path towards a healthy financial future. We always start with a free consultation, which allows us to learn more about your financial goals and challenges.
Then, we perform an analysis of your IRS tax debt, including the type of tax you owe, whether your debt from unpaid tax is old or new, and other factors such as your assets, income, financial goals, and IRS tax audit details. With a comprehensive picture of your owed tax and overall financial situation, we can begin planning the best approach for relieving debt based on your specific circumstances, needs, and goals.
Once we’ve chosen a strategy for relieving your debt from unpaid tax, your attorney will guide you through the entire process. If bankruptcy is the chosen route, we will help you prepare and file the necessary documents, ensuring compliance with the law. Throughout the process, your lawyer is your advocate, planning and working to protect your rights, assets, and interests. We will manage communication with creditors, the IRS or other tax authority, counsel you through court proceedings and tax disputes, and keep you informed about the progress and results of your case. We’ll also help you understand how to adopt responsible financial practices.
An Ohio tax attorney from Jump Legal will use their expertise in Ohio’s tax law to ensure a smooth journey towards financial freedom and a fresh start.
Benefits of Working with Columbus, Ohio Tax Attorneys
At Jump Legal, we offer services for planning comprehensive strategies custom-made to fit your financial situation. Our team becomes your unwavering advocates, ensuring that your rights are protected, your assets are safeguarded, and your best interests are prioritized.
Throughout the process, we provide you with the guidance you need to make informed decisions. By having us by your side, you can navigate the bankruptcy process with confidence, knowing that you’re in the hands of skilled professionals who are committed to securing your financial future. Contact our Columbus law firm to schedule your consultation.
Life After Debt Relief
Filing for bankruptcy can be a crucial step towards reclaiming control over your financial well-being and laying the foundation for a brighter future. It can also help you feel a sense of relief as the weight of debt from unpaid tax lifts.
Depending on whether you choose Chapter 7 or 13, you’ll be able to either discharge eligible tax debts – which allows you to wipe the slate clean and empowers you to begin to regain financial stability – or use a structured tax repayment plan, which offers a systematic way to settle debts from unpaid tax, manage finances, and protect valuable assets.
Beyond the financial aspects, the emotional toll of tax debt-related stress begins to ease as debt from unpaid tax is erased or reduced, offering a sense of normalcy. As you navigate life post-bankruptcy, the lessons learned about responsible financial management and the importance of seeking help when needed become valuable tools for lifelong success. By embracing the opportunities provided by bankruptcy, you’re embarking on a journey towards a more secure future. Talking to a tax law firm like Jump Legal is the first step toward resolving tax problems and IRS tax audit concerns and achieving financial health.
Jump Legal Attorneys Can Help Get Rid of Tax Debt
As income tax attorneys in Columbus, Ohio, we give you the opportunity to get rid of your tax debts and change your life; but you can’t change your financial future until you start the process. Contact us today to schedule a free initial consultation; you will always speak with an attorney and all communications remain confidential.