Are you in the midst of serious financial struggles? If so, you are not alone. These are difficult economic times for our country and many are suffering as a result. If you find yourself unable to keep up with minimum payments to your creditors or are facing potential collection actions such as foreclosure on your…
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What Is a Bank Levy?
Owing a tax debt to the IRS can place you in a difficult position that may seem like it has no way out. You may have heard of some people being subject to a bank levy when they owe an outstanding tax debt to the IRS. Let us take a look at what a bank…
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What Are the Most Common Reasons for an IRS Audit?
The phrase “tax audit” strikes fear into many of us. While tax audits can be unpleasant, however, they are, more often than not, minor inconveniences. In most cases, the IRS is looking to clear up a misunderstanding or address a math error. Despite the fact that IRS audits generally amount to a minimal disruption, it…
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What Is Currently Not Collectible (CNC) Status?
Owing an outstanding tax debt to the IRS can be stressful, to stay the least. The letters can arrive continuously and the phone calls may never seem to stop. You may have received an intent to levy notice. You may also be having your wages garnished. If you are going through any of this, then…
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What Is an Offer in Compromise?
Tax debt looms over many U.S citizens. When you are having difficulty getting by, a tax debt can cause even more stress. It can be a major financial burden on top of everything else. If you are facing what may seem like an insurmountable tax burden, then you may still have options. An Offer in…
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Who Qualifies for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy offers a fresh start to those that are struggling financially. Bills start piling up and treading the financial waters may become quickly unsustainable. With Chapter 7 bankruptcy, your non-exempt property is sold off by a bankruptcy trustee to satisfy outstanding creditor obligations. In reality, however, many who file Chapter 7 bankruptcy end…
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