Bankruptcy is a legal proceeding linked with a person or business unable to repay outstanding debts or obligations. It helps the people who can no longer afford to pay the debt. It is the best option when there is no way to pay off within five years. Also, it works when you are paying as much as you can and still won't pay off the debt.

Bankruptcy is the most powerful tool for debt relief. It is handled by a federal court in Houston. Ideally, if you file for personal bankruptcy, you can go for Chapter 7 or Chapter 13. Chapter 7 is also called liquidation bankruptcy and 13 is called reorganizational bankruptcy. There are other chapters as well. Each is designed to address different financial situations.

Chapter 7 benefits those who have no assets to pay their debt. It includes student loans, child support, fraud alimony, and more. Students can avail the benefits and make a change in life.
Chapters 11 and 12 benefit the people with seasonal business. Farmers, fruit sellers, fishermen, and other businesses that work seasonally can benefit from the same. Get to know all about your financial worries in Chapter 13.

Filing for bankruptcy is never an easy decision. In the US bankruptcy is managed by a federal court. The bankruptcy court is authorized to determine the tax amount. While it provides a fresh start, consulting with a qualified attorney is a must to navigate the best possible outcome. This is because tax comes with long-term implications.

Get the consultation of Mitchell Tax Law firm if you are worried about losing your hard-earned asset. The attorneys know all the codes to save your credits. A single mistake creates a great mess. Filling the form correctly has less chance of disapproval. Get it done by our attorney. The bankruptcy tax attorney in Houston knows well how much to pay back according to Chapter 7 and Chapter 13 or with an installment agreement in Chapter 7.
As an alternative, our attorneys negotiate with the creditor and work out a payment plan or other solution. The attorneys of our firm can prepare a return for you.

Don’t overweight the tax burden on you. Get guidance and support from our experts and have hassle-free tax issues. Book your appointment today!

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