Best Bankruptcy Lawyers in Jackson, MS

Arriving at the decision to file bankruptcy is not an easy process. No one sets out with the intent of filing bankruptcy, but there are times when filing bankruptcy is the best option for resolving a debt problem. For many people, filing a Chapter 7 or Chapter 13 bankruptcy case may be the first time they are involved in a court case. On top of being worried and stressed about the financial situation, they are nervous about going to court.

A common concern that many people have when considering filing for bankruptcy relief is how filing a bankruptcy will impact their credit score. You may have heard that filing a bankruptcy case ruins your credit rating forever. While your credit score may be lower for a while, it is not permanent decrease in your credit score. In many cases, filing a bankruptcy case improves your credit score within a year or two after filing.

If you cannot pay the taxes you owe to the Internal Revenue Service, the IRS might initiate a levy action or file a Federal Tax Lien. To avoid the collection process by the IRS, you can request a payment plan for the taxes you owe. A payment plan allows you to pay your taxes over an extended period. By arranging for monthly payments, you can avoid the negative aspects of an IRS collection action.

For many people, tax time is a windfall because they receive a refund of taxes they paid throughout the year. However, for others, tax time does not hold any reason to rejoice because they owe money to the Internal Revenue Service. The good news, if there is any good news when you owe taxes, is that you have several options for paying your taxes other than paying the bill when you file your tax return. Keep in mind that you must file your tax return by the due date or face penalties. Even if you owe taxes, file your tax return on time. You can choose an option for paying the taxes you owe to the IRS, but only if you file your tax return first.