If you fail to pay your debts to the Internal Revenue Service (IRS), they can levy your bank account or garnish your wages which can leave you with no money to live on. This can put you in an incredibly difficult situation if you can’t pay the debt in full, but you can get out of it with some help from a bank levy attorney. If you’re facing an IRS levy, here are the four best ways to remove it.
Appeal
You can make a formal appeal through a bank levy lawyer within 30 days after the IRS notifies you by a letter of intent. This will temporarily stop the levy from being put in action until a decision can be made regarding your tax situation. Filing an appeal is ideal if you can prove the bank levy would cause you extreme financial hardship. It may also help uncover irregularities that may have occurred during the debt collection process that could cause the IRS to reverse its intent for a bank levy against you. Administrative claims against wrongful IRS levies can be filed within two years of their occurrence.
Offer In Compromise
If there is no way you can realistically pay off your debt or try to make monthly payments, you may be able to draw up an Offer In Compromise with your bank levy attorney. By doing this, the IRS will forgive a portion of your debt and allow you to pay less than what you truly owe. If the offer is accepted, you will have a limited time to pay your debt in full.
Fresh Start Program
If your debt is less than $25,000, you may be able to qualify for the Fresh Start Program through the Internal Revenue Service. You’ll need to agree to have payments automatically withdrawn from your bank account. You’ll also need to have made at least three installment agreement payments consecutively and not defaulted. The program also requires you to be current on all your tax payments in order to qualify. The program will let you pay off your debts over the course of six years.
Bankruptcy
You can also remove a bank levy by filing bankruptcy through a tax lawyer. This option should be considered as a last resort because it can negatively impact your credit rating for several years. bank levy attorney. You may be able to consolidate your debt into a Chapter 13 bankruptcy, depending on the total amount of your debt and how old it is. This would allow you to progressively pay your debts off on a monthly basis. Certain rare cases may be eligible to file for a Chapter 7 bankruptcy where the tax debt is completely forgiven.
These are just a few ways that an IRS bank levy can be removed. You will want to speak with one of the best tax attorneys in your area for specific advice on your unique financial situation. These tax lawyers can assist you to pay off your debt easier and more affordably.