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Tax Law

Bankruptcy – Should I File for Bankruptcy Now or Wait?

Filing for bankruptcy is one of the most common forms of debt relief, and the process can be a big boost to your mental state. Despite the stigma attached to bankruptcy, filing for it is a fresh start for many people. You may be drowning in debt and can’t see a way out, but there’s no one around to throw you a lifeline. A nonprofit credit counselor can teach you good money habits and how to negotiate with creditors. Many people who file for bankruptcy don’t even understand what basic budgeting is or how long the costs of purchases will add up. A bankruptcy filing may even allow you to regain your driver’s license, which you may have lost for years.

If you’re wondering how to afford the process, bankruptcy attorneys will typically charge an upfront fee. Defense Tax Partners in Oregon exists to help people file for bankruptcy, but the demand is so great, they’re nearly nonexistent. You can also try contacting your local bar association for attorneys who may be willing to take pro bono cases. Whatever route you choose, you’ll still have to raise the money for bankruptcy attorney fees and other expenses. But it can be done.

Filing for bankruptcy requires some research. Make sure that you have a comprehensive understanding of the bankruptcy process before you start filing. There are a lot of forms that must be completed and filed in a timely fashion. Many bankruptcy attorneys will also offer a free initial consultation. The cost of hiring an attorney is worth it in the end. There are many benefits to filing for bankruptcy and your finances will improve significantly as a result. You can save money by focusing on your personal financial management.

There are several types of bankruptcy, with each bringing its own set of risks and rewards. A Chapter 7 bankruptcy involves requesting a discharge from debts and surrendering all nonexempt assets. The process can wipe out all of your debts and leave you with a clean slate of financial history. If you can’t afford to pay your creditors, you can try filing for Chapter 13 bankruptcy. If you can’t pay your creditors, you can also opt for Chapter 11 bankruptcy.

A chapter 13 bankruptcy is an alternative to a Chapter 7 filing, requiring regular income and a budget. If you have a home and a car, you may be able to keep them, but you’ll likely have to sell them in order to repay your creditors. You can keep real estate if it’s worth more than the exemption limits. A trustee will manage your repayment plan, collect payments from you, and pay off your creditors.

There are many benefits to filing for bankruptcy. Not only will you have a fresh financial start, but you’ll be able to liquidate assets and make a repayment plan. If you are considering filing for bankruptcy, remember to talk to an attorney who can guide you through the process. You can also obtain extra time to pay your bills. There are different kinds of bankruptcy, and it’s important to get the best advice and legal representation. You can get the help you need to make the best decision for you.

In addition to the benefits, a bankruptcy will lower your credit score for 7-10 years. Bankruptcy will also remain on your credit report for seven to 10 years. This will make it difficult for you to obtain credit in the future. Banks will be wary of doing business with you. It can also affect your social standing. If your spouse filed for bankruptcy, you may be unable to get a job or open a credit card.

If you think you are at a point where filing for bankruptcy is the best option for your financial situation, you must make the right choices. Make sure to consult with a bankruptcy attorney before filing for bankruptcy. Remember to gather your financial records and make a list of all your debts. A bankruptcy petition requires basic demographic information, such as your name, address, and contact information. You have 14 days to file schedules. In addition, it’s crucial to hire a lawyer to represent you during the process.

The next step after filing for bankruptcy is deciding which chapter to file for. Some cases can be resolved through Chapter 7 while others require a more extensive case, such as a business or family farm. In the case of a business, the best choice may be Chapter 11, which requires the approval of creditors and does not require a trustee. Unlike a chapter 7, Chapter 13 allows the business owner to repay debts over a period of time.

 

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Tax Law

What You Need To Know Before You Hire a IRS Lawyer

If you are facing a difficult tax issue, you might be considering hiring an experienced IRS Lawyer. IRS cases are not always easy to settle, and you want to make sure you’re working with someone who understands the ins and outs of the system. A tax lawyer with extensive experience will represent you in court with confidence and work toward a positive outcome for you. You may be wondering what you need to know before you hire a tax lawyer.

Your lawyer will assess the case, gather facts and information about your situation, and evaluate your options and the likely outcome of your case. Simple tax issues may be resolved with a simple form or phone call to the IRS, but more complicated issues may take more time to resolve. Once the attorney has identified your situation and chosen the best course of action, your attorney will represent your interests and advocate for you in dealings with the IRS or tax court. He will protect your legal rights and protect your financial concerns while pursuing the best possible outcome.

You can work with your lawyer on the phone or video chat. Most tax lawyers offer phone consultations, but you can also get them to answer your questions via email or video chat. This way, you won’t have to worry about traveling and wasting precious time. In addition to meeting in person, your lawyer can accept supporting paperwork electronically, and you can even mail original documents to them. Hiring an experienced Hartford IRS lawyer is a smart choice for your business needs.

Choosing a Tax Attorney is essential if you are facing a major tax liability. An experienced tax attorney has an in-depth knowledge of the tax code and can apply that knowledge to your case. Hiring a tax attorney can save you thousands of dollars in unnecessary tax payments. This is a crucial first step in an audit. It’s crucial to hire an experienced tax attorney for the best representation possible. You will be glad you did.

When dealing with the IRS, you need to hire a tax lawyer with experience. This is crucial because tax issues can be overwhelming and intimidating. If you don’t respond promptly, you might end up losing your case, or worse. A tax attorney can make the difference between a favorable resolution and no resolution at all. In addition to hiring a lawyer with experience, hiring an attorney with a reputation for success will save you time and money.

Before you hire an IRS tax attorney, remember that most firms offer free consultations. Ask about the consultation fee before making a final decision. You need to calculate how much money you could save without the free consultation. The value of hiring a tax attorney will depend on your situation. Some tax attorneys will save you pennies on the dollar, while others could save you millions of dollars. It all depends on your unique situation, but it’s definitely worth it if you’re serious about your tax debt.

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Family Law

Understanding The Importance of Getting A Good Family Lawyer

Caring Family Law Attorneys

If you are considering hiring a family law attorney, you need to look at https://www.westpalmbeachdivorceattorneys.net/family-lawyer/ for someone who understands the importance of your case. A caring family law attorney will be available to answer your questions promptly and thoroughly. Most of them will also reply to your emails within 48 hours. These lawyers also provide immediate responses to emails and may be available for communications after normal office hours. They will be able to provide you with an estimate of the time it will take to respond to your questions.

Often, the financial hardships that people go through during divorce also overlap with family law. Bankruptcy is one of the most common financial problems that lead to divorce. Hiring a family lawyer is one of the best ways to ensure that you will get the best outcome possible. Fortunately, today there are many lawyers who specialize in family law. If you need help with a divorce or a paternity case, you may also want to consider a full-service firm.

A family law attorney is an important resource for many families. These attorneys can help you navigate the process of divorce, remarriage, paternity, and elder-parent guardianship. These lawyers are experienced advocates and listen to their clients. They are compassionate and will work hard to protect your interests. A family law attorney will spend time analyzing the circumstances of your case, giving you valuable advice on alternative methods to litigation.

An acclaimed family law attorney, Zach Jackson is a renowned North Carolina attorney. He has extensive experience assisting clients throughout the divorce process. He understands how devastating these situations can be for a family. He understands how contentious family law cases can tear apart once-close families. A caring family law attorney will guide you through difficult decisions with compassion and a keen understanding of how people deal with their emotions. So if you are considering hiring a family law attorney, be sure to look for a professional with experience and a positive attitude.

As difficult as a divorce is, your case is likely to be emotional and complicated. Hiring an experienced family law attorney is the best way to get the best results. With their expertise, they can guide you through the complex legal system and get you the outcome you desire. You’ll be glad you did. You can rest assured that your case will be handled with compassion and skill. With a Bronx family lawyer on your side, you will be well-informed and protected throughout the process.

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Tax Law

Should You Hire an IRS Lawyer?

IRS Lawyer

Hiring an IRS Lawyer is the best way to defend yourself against the government’s tax collection efforts. The Internal Revenue Service is an intimidating agency, which many taxpayers fear will never stop collecting money. While there are free government-appointed attorneys, they aren’t available for all cases. A skilled attorney can help you determine if hiring an attorney is right for you. A qualified IRS Lawyer will be able to explain your rights and help you make the best decision for your financial situation.

A tax attorney has a lot of experience in negotiating with the IRS. The job requires an excellent understanding of tax law, excellent communication skills, and the ability to explain complex legal principles and rules to clients. They also need to conduct thorough research and learn new computer programs. They also need to be calm and unemotional in stressful situations. The IRS requires a tax lawyer to be knowledgeable about federal and state tax laws, as well as the interplay between them.

You will need to know your rights and how to present them in court. If you are facing tax prosecution, it’s imperative to hire an IRS lawyer. Fortunately, there are provisions in the law that allow you to obtain favorable results. But in some cases, you may find that your case is not as strong as you had expected. A well-prepared tax attorney can help you get the best outcome. So how do you choose a good IRS Lawyer?

If you have been accused of a tax crime, you need an IRS lawyer who can help you. Having the right lawyer on your side can help you avoid penalties and misunderstandings. A good tax attorney has the necessary training and experience to ensure a successful outcome for their clients. The tax office is highly regulated, so the work environment is constantly changing and a new tax attorney is required. However, this does not mean you should ignore the advice of your lawyer.

Getting the right tax lawyer is a must if you want to avoid being convicted of a tax crime. An experienced tax attorney will have an expert knowledge of the law and can help you get the best outcome possible. If you do decide to hire an IRS lawyer, you should be prepared to pay a premium, though. Remember that your attorney will need to work for you, and your interests are at stake. You should never ignore their advice.

An IRS lawyer will be able to defend you in court. The IRS has provisions in place that are favorable to you. If you are convicted of a tax crime, you will need to hire an experienced Louisville tax fraud defense team to help you fight the charges. A high-quality legal team will have the skills to defend you from penalties and hefty fines. A good attorney will represent you in front of the IRS so you can avoid being a victim of tax fraud.

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Landlord Tenant Law

How to Protect Your Rights As a Landlord Against Uncooperative Tenant

When you are the tenant of a rental property, your rights as a tenant are important. If your landlord violates your rights, you should take legal action. The laws regarding your right to privacy vary by jurisdiction, but they generally protect your interests. The following are tips to help you protect your rights as a renter. Read on to learn more about how to protect your rights as a renter. Then, follow the tips below to protect your rights as a renter!

First of all, you must know what your rights are as a renter. You have a right to a clean, safe, and decent living space. As a renter, you have the legal right to expect your rental unit to be in good condition. There are many laws that require landlords to provide a clean and safe place to live. If you aren’t satisfied with your landlord’s behavior, you may have grounds for a lawsuit.

Secondly, tenants should follow their lease terms. It is important to read the lease before signing. You should take photos of the rental unit. Additionally, you should get renter’s insurance to protect your possessions. Finally, you should also establish an open communication with your landlord. Report any issues to your landlord as soon as possible. In addition, you can join a tenants’ association to learn more about your rights as a renter and access legal assistance. Lastly, joining a tenants’ association will give you bargaining power with your landlord. It is also legal for you to file a complaint with the Department of Housing and Urban Development.

Once you’ve decided what your rights are, you can take action. By following the steps listed below, you can protect your rights as a renter and protect your property. Once you’ve taken action, landlords can’t retaliate against you for exercising them. As a renter, you can take legal action against your landlord by filing a complaint in small claims court. In this case, you must give your landlord adequate notice and a chance to respond or make the repairs necessary. And you can always appeal if your complaint is unsuccessful.

There are other ways to protect your rights as a renter. While there are some laws that protect your privacy, landlords should respect your right to protect their property. For example, landlords cannot enter your rental property without your permission. A lease should be in writing. The landlord can make changes to the home but it must be clear that it will not violate your privacy. Similarly, he should not charge a pet deposit.

While a tenancy agreement should be legally binding, it should be fair and legally binding. You should not be forced to sign a lease that you can’t enforce. However, you can choose to rent a property to someone else, and you can do so in any way you want. In most states, there are many regulations and rules relating to your rights as a tenant. You can choose to rent a property from a landlord who has no experience in the matter. For more details ask our landlord attorney at https://www.chicagolandlordtenantattorneys.com/.

 

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Tax Law

Tax Levy Lawyer – Filing For Bankruptcy

Filing for bankruptcy or requesting a stay on an IRS tax levy can help you avoid an unwanted situation. A bankruptcy filing has an automatic stay, which means the IRS will not pursue further collection efforts. If you have recently filed for bankruptcy, you can immediately thwart any attempts by the Internal Revenue Service to seize your assets. Chance McGhee, a tax levy lawyer, has experience helping clients facing pressure from the IRS. He will help you level the playing field with the IRS, allowing you to retain your assets while getting a fresh start.

Tax Levy Lawyer

The IRS uses a process called a tax lien, which attaches to the taxpayer’s property. This essentially notifies other creditors of the debt and prevents the person from selling off the property. A tax levy, on the other hand, involves the seizure of the taxpayer’s money. A levy can attach to real estate, motor vehicles, and even retirement accounts. A Baltimore, MD tax levy attorney can help you deal with the IRS to reach a satisfactory resolution.

Regardless of the type of tax levy you face, an attorney will help you defend your rights. An attorney can work to protect your property and make sure the employer pays the debt. It is the employer’s responsibility to inform the employee of a levy and begin collecting the debt. Your attorney can help you negotiate a payment plan with the employer to make the debt more manageable and less stressful for you and your family.

Using a tax levy lawyer is important. You need to know your rights and be sure you do not lose your home, vehicle, or other assets because of a tax debt. It is best to hire a tax levy lawyer who understands the IRS processes and can protect you. With his extensive knowledge of the process, you can be sure that the IRS will not try to take your money from you. However, hiring an attorney with extensive experience is highly recommended if you are facing financial hardship.

A tax levy lawyer is an essential part of your legal defense. When a tax levy is issued, your employer is required to pay the amount. If your employer doesn’t, they will start collecting the debt, which is not the best option for your family. A good lawyer will work out a payment plan and get the employer’s consent. But remember, if your paycheck is at stake, hiring a Tax Levy Lawyer can help protect your property.

If you are facing a tax levy, you must act quickly. If you fail to act within the timeframe required by the law, the IRS may seize your property as payment in full. If you do not act, the IRS can take your home. A tax levy lawyer can protect your property by appealing the levy in court or at the collection due process hearing. The legal process is complex, and you need an experienced attorney to protect your assets.

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Tax Law

How Do I Get an IRS Lawyer?

Tax law is the legal process by which the government assesses and collects taxes. It consists of procedures and rules used by public authorities. Alternatively, tax law is known as revenue laws. The tax lawyers are called revenue attorneys because they represent taxpayers before the IRS. The lawyers help tax payers with tax problems and are able to determine how best to pay their taxes. This lawyer will also help them file for tax returns. To know more, read our guide:

Once you’ve completed these requirements, you’re ready to meet with an IRS lawyer Indianapolis, IN. You can hire an attorney to help you understand tax law. You can ask a lawyer to file your taxes for you. If you don’t, you’ll have to deal with the IRS yourself. However, hiring an IRS attorney is not as complicated as it may seem. By following these steps, you’ll be well on your way to getting the tax relief you need.

Your tax attorney will advise you on the best ways to deal with tax debt. You’ll want to work with an experienced and aggressive attorney who can help you navigate the IRS waters. They’ll also advise you on the best business structure for your circumstances. They’ll handle any state audits you might face. This is how you can protect yourself. If you’re not comfortable with these steps, you should seek the advice of an IRS lawyer.

You may be wondering, “How do I get an IRS Lawyer?” You may be surprised to learn that the IRS has an excellent team of tax attorneys. You can hire an attorney if you have any type of tax problem. They’ll be able to advise you on the best course of action for your situation. If you’re not a taxpayer, you can use an IRS lawyer. If you’re not sure what to do, an experienced attorney will be able to help you get the tax relief you need.

Before hiring an IRS lawyer, it’s advisable to gather all the information you need. A good IRS lawyer will be knowledgeable about the tax laws and regulations. They’ll be able to help you in determining how to file your tax claims. If you don’t have any knowledge about taxation laws, you should consult an attorney to obtain a free consultation. They’ll be able to help with your tax problem and will make sure you’re in compliance with the law.

An IRS lawyer will be able to help you prepare for the audit and explain the tax laws that apply to your case. An IRS attorney will be familiar with all forms and regulations and can guide you through the tax law process. Your lawyer can also fight for you to get penalties removed. You can get your taxes eliminated and avoid the hassle of paying them twice. An IRS attorney will be able to do this for you. A professional will also provide you with an accurate estimate of the amount of your taxes.

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Tax Law

Tax Law Defense: Tax Settlement, Reduction and More

While tax fraud and tax evasion is certainly a criminal offense, not every person who submits an incorrect tax return will necessarily be guilty of this crime, said the best tax law attorney in Louisiana’s history. In fact, merely making a clerical error on your tax return isn’t fraud because the only criminal intent must be deliberate. Part of performing your due diligence as a tax filer is to remind the tax law attorney and authorities that incorrect tax statements don’t always rise to the criminal level.

Tax fraud defense attorney and agents often work in tandem with other federal and state tax fraud defense attorneys. They frequently communicate over a common channel so as to avoid the appearance of conflict of interest. However, it is also sometimes necessary for them to hire private investigators to conduct specific tax investigation and enforcement matters. Specialists can interview witnesses, collect evidence, and prepare and compile reports and briefs.

 

If you’ve been accused of a tax fraud or tax evasion offense, you are certainly innocent until proven guilty. In many cases, it may be years before the IRS will come after you for the taxes you owe. If you’re facing serious charges, do not hesitate to seek professional legal assistance. Attorneys skilled in tax fraud defense will review your case and discuss strategies and ways to deal with the IRS. When the case does go to trial, your tax fraud defense attorney will make sure you get an outcome that’s in your best interests.

 

The maximum penalties associated with tax evasion or fraud are very serious. In some cases, the penalty could include jail time, hefty fines, asset seizures, probation, community service, and restitution. If you’ve been accused of tax evasion, there are a few things you need to know before you decide on how to fight the charges against you. In most cases, tax fraud is considered a felony, which means the penalties could be very high.

 

It is important to understand the nature of the tax system and the different legal consequences involved when you commit a tax fraud offense. In general, crimes related to tax fraud are classified as criminal offenses, which involve the commission of a federal crime involving money laundering, tax fraud, or other criminal tax crimes. Other serious tax evasion and fraud charges may include bank frauds, perjury, conspiracy to defraud the IRS, and criminal tax evasion. Understanding the nature of the tax system and the different penalties involved in different tax frauds is absolutely vital to preparing a strong tax defense.

 

If you’ve been charged with or suspected criminal tax crimes, you will want to consult a tax fraud attorney who has experience with these types of cases. A good tax fraud attorney will inform you of your rights and the possible consequences of your actions. He will explain what tax crimes apply to your circumstances and will work with you to determine the best legal strategy for your situation.

 

Tax evasion is the most common form of tax fraud defense lawyers practice. There are various forms of tax fraud evasion, such as falsely reporting profits on income tax returns, falsely claiming deductions on expenses, using a false Social Security number, paying taxes with money that you do not have, or any other infraction. Some tax fraud defense lawyers specialize in one or a few of these crimes. Others work on a general fraud defense, dealing with tax crimes of all types. Because tax fraud defense lawyers must prove that their client did not commit the crime in question, they will need evidence to back up their clients’ innocence. False statements by tax evaders can be used against them during court proceedings and during sentencing, if they are convicted. Click here to get a free consultation with a New Jersey tax lawyer.

 

Tax fraud can have serious legal and financial consequences. Taxpayers who knowingly inflate their tax bills may face criminal prosecution and hefty fines. If you have been accused of committing tax fraud, it’s important to hire an experienced tax fraud attorney immediately to protect your rights and get you the best possible outcome.

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Family Law

Determining Child Custody Pending Divorce; Amount of Spousal Support

There are many factors that are considered when determining who gets custody or visitation of a child. Many factors are considered, including child support, alimony, length of marriage, value of the children, credit history and lifestyle of each parent. Because every family is different, and the reasons for divorce vary from one family member to another, custody and visitation can vary from one case to the next. A divorce lawyer is knowledgeable about local divorce law and can assist you with the many details to make sure your divorce proceeding runs smoothly. Below are some of the key factors that will be considered in determining custody and visitation for your child.

Divorce and Child Custody Law

 

Who is My Spouse? – States have differing definitions of what exactly is “spouse” and what are the legal rights associated with a spouse. A local divorce lawyer can assist you in determining what rights you have as well as what your spouse has the right to claim under the divorce law. The divorce lawyer can also tell you if there is a basis for why your spouse should receive certain benefits such as child support or alimony.

 

How Divorce Laws Work – Every state uses a different method when calculating how much money is due to a former spouse for the cost of a divorce and any other expenses incurred. Along with these expenses are usually added in alimony payments that are awarded at the conclusion of the divorce case. Alimony usually is determined by a division of marital property and is paid by one party to another after the dissolution of the marriage. Divorce attorneys will be able to provide you with more specific information about how divorce works in your area.

 

What is Needed For a Divorce to Be Final – A divorce lawyer will explain to you all the legal steps that are involved in the divorce process so you will fully understand all that is involved. The legal proceedings that take place after the divorce can be quite lengthy and complicated, and can even involve several trips to courtrooms throughout the process. Your divorce lawyer will help you move through all of this as quickly and efficiently as possible.

 

You may think that there is nothing left to gain by having a divorce lawyer like the Lennon family law attorney handle the entire process, but you would be wrong. In fact, your lawyer will be able to gather and organize a large amount of information about your assets, your spouse’s assets, and your child’s assets before your divorce case ever gets filed. This will allow your lawyer to prepare for your hearing by filing appropriate paperwork and serving documents on your spouse. They will also be able to build a defense for you by gathering witnesses and documentation to testify at your divorce trial. If your lawyer wins the divorce case, you will be entitled to all of your marital assets regardless of what the other party had already done with them.


Will Your Spouse file for a contested divorce? – There are many situations where spouses do not agree on the distribution of their assets. In these situations, a divorce lawyer may be required to mediate the dispute between the two parties. If the spouses are unable to settle their disputes, or if one spouse seeks more money than the other, then a divorce lawyer will be needed to mediate the disagreement. It is also possible that one spouse will not want to have their assets distributed because they believe that they deserve more money or think that they are entitled to something that was not communicated properly during the marriage.

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Tax Law

Tax Levy Attorney: When and Why to Use One

A tax levy is a legal procedure for collecting taxes owed to the IRS. A taxpayer may be required to pay taxes based on their net income or their assets. Taxes are typically collected by attaching property or assets to a lien (known as a tax lien). A tax levy involves the taking possession of a taxpayer’s property to pay off tax debt. Visit www.missouritaxattorneys.net for more information.

 

The IRS could initiate an action against a taxpayer for failure to pay his or her taxes in full. In order for the IRS to initiate such an action, it must have some evidence that the taxpayer has deliberately failed to pay tax debt. If the IRS has evidence that a taxpayer deliberately avoided paying tax levies, the IRS can place that person behind bars under the Baker-vard rule. The rule bars a person from knowingly failing to pay over penalties and interests. That is why it is best for taxpayers to seek the help of a Denver tax levy attorney when facing such a predicament. To contact a Denver tax levy lawyer, please visit www.coloradotaxattorneys.net/tax-levy-lawyer-denver-co/.

 

A tax levy attorney could also represent clients who have been IRS penalized for willfully neglecting to report investments, loans or bank accounts. Examples of such actions include: failing to disclose tax payments; reporting late payments and dividends earned; reporting withdrawals or disbursements from retirement accounts; and structuring bank account transactions in order to avoid detection. The penalties imposed by the IRS can run as high as $10k per crime. It could even encompass criminal prosecution. If you were to go to the attention of the IRS with regards to such actions, you may stand a good chance of receiving a fine.

 

When taxpayers receive a final notice of intent to levy, they have just days to respond. Usually, taxpayers have thirty-five days within which to submit a reply to the notice of deficiency. An expert Denver tax lawyer will know whether to file a motion in opposition to the notice or accept the IRS’s offer to settle the delinquency. In cases where an appeal is not possible, it is advisable for taxpayers to request a final notice of deficiency opinion.

 

One of the most common reasons why taxpayers receive a levy is when they do not disclose bank or other financial information necessary to avoid the notice of deficiency. In this case, the bank will issue a final notice of deficiency stating that the taxpayer is liable for taxes on the unpaid balance. The bank then seizes the property and sells it to recoup losses. A Denver tax levy attorney can stop this from happening. They may even be able to prevent the bank from proceeding with the sale if they are successful in court.

 

In addition, tax levy attorneys can help taxpayers deal with collection agencies by providing advice on how to handle them. Many times, taxpayers fall behind on their taxes because of an unavoidable emergency, such as losing a job or suffering through a major medical condition. In these cases, the tax levy lawyer may advise the taxpayer to seek a compromise that will allow him or her to pay the funds he or she owes without going into bankruptcy. The compromise may involve a simple loan from the bank to cover the deficit, repayment arrangements with the IRS or a complete settlement with the government.