As you have seen by now, the bankruptcy laws are very powerful, and are designed to allow you, if you choose, to keep your property. The goal is to either provide you with a fresh start, or to allow you to get back on your feet, and satisfy your obligations over a period of time. This concept may even apply to any IRS, state, or local tax issues you may be facing.
The bankruptcy laws may enable you to significantly reduce tax liability owed to a government taxing authority. As you can imagine, certain qualifications and restrictions apply. However, it is always advisable to prepare and file all federal, state and local tax returns when they are due. This is true even though you do not have the funds to pay the tax liability at the time the return is due.
For more information on tax liability, call Spiroff Law at 614/224.2104.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.