IRS levies are legal seizures of your property to satisfy some outstanding tax debt. In other words, when you don’t pay your tax debt, the IRS can levy (seize) your property and sell it to get the money owed for your tax debt. While IRS levies can impact people’s homes, vehicles and other personal property, they can also affect people’s bank accounts, retirement accounts and other assets.
If you have received a notice that the IRS intends to levy your property, it’s time to contact the trusted Denver metro area bankruptcy attorneys at Garcia & Gonzales, P.C. We are skilled at:
- Dealing with IRS agents
- Getting IRS levies removed
- Helping people favorably resolve their serious tax debt issues.
According to the IRS, levies are generally only imposed when the following three requirements have been satisfied in a given case:
- The IRS has assessed the tax debt and sent a person a Notice and Demand for Payment.
- The person failed to pay the tax debt.
- The IRS has sent a Final Notice of Intent to Levy and Notice of Your Right to A Hearing, and the person has still not taken the appropriate action. These notices are usually sent at least 30 days before IRS levies are imposed.
Once IRS levies have been imposed, they will continue to be in effect until the IRS removes the levy, the person has paid his tax debt, or the time for legally collecting the debt has expired. Of these options, getting IRS levies removed can be the best option for people struggling with debt, and this course of can be completed as follows:
- The IRS has to be contacted, and a meeting with an IRS agent should be scheduled.
- The debtor will have to work out an acceptable repayment plan for his tax debt with the IRS.
- If repayment is not an option, the debtor will have to prove that he qualifies for an offer in compromise to resolve his tax debt.
If you are considering filing for bankruptcy while facing the threat of or dealing with IRS levies, here’s what you should know:
- Filing for bankruptcy can stop IRS levies and provide some immediate relief through the automatic stay.
- While certain types of tax debt can be discharged through Chapter 7 bankruptcy, not all tax debt can be eliminated through this type of bankruptcy case. So, people who are pursuing Chapter 7 cases and who have tax debt should develop a plan for dealing with their tax debt once their automatic stay is lifted.
- For Chapter 13 bankruptcy cases, repaying the tax debt can be part of the overall debt repayment plan people have to develop.
- IRS levies and tax debt can be as serious as they are complicated to resolve, so it’s best to work with an experienced lawyer to successfully resolve these matters.
Do you need help stopping or removing IRS levies? If so, you can turn to the experienced Denver bankruptcy attorneys at Garcia & Gonzales, P.C. for experienced help and the highest quality legal services. Serving individuals, families and businesses throughout Denver and Colorado since 1977, our attorneys can always be relied on to:
- Clearly explain your best options for resolving your tax debt
- Provide you with effective, affordable and family-friendly services
- Treat you with respect while maintaining an open line of honest communication with you
- Work diligently to help you achieve the best possible outcomes to your financial issues.
To learn more about how we can help you, contact us today by calling (303) 839-8888 or by emailing us using the drop-down contact form at the top of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.