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Bankruptcy VS Offer in Compromise

Contrary to popular belief, you CAN discharge some taxes in Bankruptcy.  If you have other debt along with the IRS debt, then you need to have a bankruptcy evaluation done.  The professionals I work with are very knowledgeable of how taxes are treated in bankruptcy.  “But Mr. Shelton, I have a bankruptcy attorney and HE said I could not get rid of taxes in my bankruptcy”. Well HE would be wrong.  There is an equation and a lot of information you need to know in order to get rid of taxes in bankruptcy.  And most of the equation is about the timing of the filing.  The odd thing is the attorneys don’t learn it because they think it’s a Tax issue and Tax people don’t learn it because they think it’s a Bankruptcy issue.  Another reason attorneys don’t learn it, is because they make money by filing NOW not filing later.  As I said, it’s a timing issue and sometimes the answer is to wait.  In addition, attorneys try to fit all clients into the same cookie cutter and if they don’t fit they won’t do the extra work.   We will help you figure out when the planets align to be able to get rid of the IRS in Bankruptcy.

As I said previously some of the Ex-IRS people I work with worked in the department that represented the IRS in Bankruptcy.  They know this very well and would be happy to help you.

Now what about Offer in Compromise VS Bankruptcy?  Well, now you are in Expert territory for sure.  There are aspects of both that are good but sometimes if you qualify for an OIC you will probably qualify for a BK and vice versa.  Again, you have to have someone go through both options and give you the pro’s and con’s of both.  The best thing I can tell you is DO NOT file OIC or BK until you talk with one of our Tax Professionals.   Once you file, you CANNOT go back and redo it the right way.  It’s done and you lose your advantage if you do it wrong.

James Shelton

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