One of the most common ways in which individuals fall into debt troubles is by falling behind on their yearly income taxes. Whether it be simply not filing one’s tax returns or failing to pay outstanding IRS debts, unpaid tax debts can incur substantial fees and multiply over time, putting individuals in truly dire financial circumstances. Fortunately, at the Law Office of Mark B. French, our Bedford bankruptcy lawyers are intimately familiar with numerous debt relief strategies and are equipped with the skills to help our clients settle their debt and get back in good graces with the IRS – in some cases, at a fraction of the amount initially owed.
Just recently, Attorney French was able to obtain a favorable result in an income tax related case in which a client owed a substantial amount of money to the IRS that had accumulated over several years, totaling up to well over $500,000. Through the Bankruptcy Reorganization process and negotiations with the IRS, Attorney French was able to reduce the amount his clients had to pay back to less than $200,000 and allow them a period of 7 years to pay back this reduced amount.
While each case is unique and such results cannot be guaranteed, this example serves as a reminder that no IRS troubles are so complex that they cannot be resolved. No matter how behind you may be on your income taxes, it is never too late to face your financial struggles and negotiate a solution. In fact, the sooner you choose to take action, the better your chances may be of securing a favorable outcome for your situation.
If you are struggling under the weight of income tax debt, contact the Law Office of Mark B. French today. With more than 25 years of dedicated legal experience handling bankruptcy and debt relief cases in Tarrant County, our knowledgeable Bedford bankruptcy lawyer can help you evaluate your options and guide you step-by-step towards a debt-free future.
Discuss your financial struggles with our skilled advocates today – call (817) 268-0505.