How to Bring to an End to an IRS Garnishment
When it comes to IRS Garnishment the Internal Revenue Service (IRS) is unforgiving and relentless in their quest of collecting taxes. The IRS does not have any qualms about putting you out on the street, if need may be, or about your financial status. The IRS Garnishment is one of their many tools to take back outstanding loans from you. It does not mean that you cannot guard and defend yourself against IRS garnishments.
Here’s a guide on how you can safeguard yourself against the IRS garnishments:
Ending a Garnishment Things to Keep in Mind
At all times seek appropriate legal help from a qualified tax expert or IRS Tax Attorney / IRS Tax Lawyer.
You must read and research as much as possible on the subject.
- If there arises a situation that you cannot pay the taxes, you should try and work out a compensation plan with the IRS directly. But bear in mind that the IRS will do its best in seizing the majority of your take home pay. If the IRS feels that you cannot pay, they are sure to go after your paychecks and any real or personal property that you own.
- You will receive a notice in case the IRS is garnishing your earning. This notice is sent to inform you that the IRS will be taking away a majority of your take home earnings. You will be asked by the IRS for any exemptions, but be clear that these would not amount to much respite.
- At a time like this, you must seek advice from a tax attorney. Look for a competent tax law firm that will agree to give you a free consultation initially in order to go through your available options. Depending upon your financial state, there may be numerous options that you could pursue. You may be eligible for an offer of compromise, i.e. a cutback in the sum of taxes you are indebted to pay or you may be eligible for a payment arrangement. Payment strategies can go very high. A highly regarded tax law firm can communicate to the IRS your projected payments and options. It is advisable that you pay close attention to the consultation fees of the tax firm and are at all times aware of your rights and your fee schedules.
- If the financial state of affairs in your case is very bad, the tax lawyer might advise you see a bankruptcy lawyer.
- Declaring bankruptcy will only release the IRS garnishments, it will not abolish your tax debt. It is mandatory for you to meet the credentials for bankruptcy. One bankruptcy plan will release you from the eligible unsecured debts while another plan will merge your debts that will be supervised by a court chosen trustee. Your trustee will be responsible to pay your creditors every month while you will be made to follow a payment plan. Furthermore, the IRS will have to lift the garnishments they have positioned.
Tips to Remember:
- Stay calm.
- Do a thorough research.
- Choose a professional and opt for an agreement that you feel comfortable with.
- Whenever you pursue a course of action against IRS garnishments, constantly rely on your attorney for advice.