Some debts cannot be discharged by bankruptcy: alimony, child support, federal student loans, and more. Debts that do qualify include medical debt, credit card debt, personal loans, and lawsuit judgments.
Form 2848 or Power of Attorney (POA) is a written document in which the taxpayer appoints an attorney to act on their behalf, thus granting authority to the attorney to perform certain acts or functions. Signing a Power of Attorney means you are declaring that attorney to be your representative for the terms listed on the agreement. Powers of attorney are routinely granted to allow the tax lawyer to take care of a variety of transactions such as: representation before the IRS, request and inspect tax return information, handling a tax audit, obtaining tax transcripts, speaking to the IRS or Comptroller’s Office on a taxpayer’s behalf. A power of attorney may expire on a date that is stated in the document or upon written cancellation from the attorney or taxpayer. Also keep in mind if engaging with several entities to work on your tax situation each new POA will revoke the previous unless otherwise stated on the form.
A Chapter 7 bankruptcy stays on your credit report for up to 10 years. Borrowing money becomes nearly impossible because of the hit to your credit score. There are some advantages: the legal fees are low and the process is fairly quick – 4-6 months.
Foreclosure
Tax Law
SH Block Tax Services cares for our neighbors in the Towson area and we are happy to serve you with the follow IRS tax matters...
Debt Collection
If the IRS agrees to accept a series of smaller monthly payments from you, and you stay up to date on those payments, they will stop trying to seize your property or garnish your wages. Installment agreements can make your debt manageable and give you freedom from aggressive debt collection tactics.