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Andy Cameron
TAX
LIABILITY
Some taxes are discharged in a bankruptcy. Some can be paid over a 60 month period without interest or penalty in chapter 13 reorganization.
The IRS is a creditor and subject to the Bankruptcy Code like any other creditor. Levies are stopped. Certain tax liability can be discharged and not paid.
Alternatively, the IRS in certain situations will consider payment plans, release levies or consider less than the balance owed - offer in compromise (OIC) - outside of a bankruptcy filing.
Experience is critical when dealing with tax liability.
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