The IRS is ramping up their back-tax collection efforts. “Revenue Officers” are a new tool employed to go after you. They often get you to reveal personal information to make it easier to take over your bank account, attach your wages, or put liens on your property. They don’t care about you, your family budget, or what you can afford; they want payment now.

The costliest mistake you can make is dealing with the IRS without proper counsel. You do have options. It may be possible to stop wage attachments, remove tax liens, offer a compromise, or prepare a workable installment plan.

If you are feeling squeezed by overdue taxes, Attorney Mark Buckley can help.

It was never a matter of “not wanting to pay”, but rather an “inability to pay.” Between a poor economy and an already tight budget, you doubt whether you could pay this debt back in a lifetime. You’ve explained your situation many times, but the creditor isn’t interested in working with you. It doesn’t take long before you’re sued and the creditor gets a judgment against you and your property.

If you are dealing with judgments, the Law Offices of Mark Buckley can give you straight answers to tough questions. He can begin the process of getting that “monkey off your back” on the first visit!

It doesn’t take much to ruin your credit. Downloading all three credit reports may help you begin to understand the problem. An automobile repossession, a late mortgage payment, a bounced check, or even one missed credit card payment can cause damage. Unless you take action now, your credit can stay bad for a long time.

Bankruptcy protection, however, can erase the debt and provide a financial Fresh Start. By stopping the aging of your delinquent bills, you can prevent the past from ruining your future. After the debt is gone, your debt to income ratio improves and you are a much better candidate for future credit.

Not all debts are created equal. Some require more diligence to discharge. Back-taxes are one such category. The good news is that federal bankruptcy laws allow you to potentially discharge certain income tax owed to the IRS, or state division of taxation, if they are more than 3 years old. This means you may never have to pay it back. Additional rules apply.

Aside from the dischargeabilty question, ALL tax garnishments must stop instantly the moment your bankruptcy is filed. Not only will your take-home pay increase, but you are in a better position to arrange a payment plan (Chapter 13 case) for any tax debts that may not be dischargeable. Bankruptcy can also stop interest and penalties from accruing.

Clearly, tax problems must be handled effectively, or they will never go away.

Unemployment, divorce, personal tragedy, and rising interest rates are just a few of the many reasons people cannot afford their mortgage payments. As a result, home foreclosure in Rhode Island and Massachusetts is at an all time high. What can be done?

The most important question to answer is this: if you could instantly catch-up on your mortgage today, can you truly afford the regular monthly payments going forward?

For some clients, it may make sense to give up the house and file a Chapter 7 bankruptcy if the house is no longer affordable. This should wipe out the mortgage deficiency and buy you some time (1-3 months) before you are forced to move out. Also, if there is a little equity worth protecting, a Chapter 7 could also stop foreclosure and give you a few months to sell your home through a realtor.

For others who just need a little time to catch up, a Chapter 13 bankruptcy could stop the foreclosure and possibly save your home. If preventing foreclosure is your best option, you would continue to make your regular monthly payments, and set up a Chapter 13 plan for repaying the deficiency. Finally, it may be possible to strip off a second or third mortgage that is completely unsecured. This is often done when the value of your house is worth less than your primary mortgage balance. By not having to pay the “unsecured” second and third mortgages, you may then be able to afford the house.

When should you contact a bankruptcy attorney? If you are soon facing foreclosure, you need to call today. Even if you are working with a mortgage broker to try and refinance the debt, contact Attorney Buckley. The sooner you act, the more time and options you’ll have to prevent the foreclosure. You’ll also be able to minimize foreclosure expenses and determine if filing bankruptcy is right for you.