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What is a Chapter 11 Bankruptcy?

A reorganization typically used by companies to continue operating a business and repay creditors through a court approved plan…

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What is Chapter 13 Bankruptcy?

A debt reorganization for individuals with a regular steady source of income…

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What is Chapter 7 Bankruptcy?

A liquidation bankruptcy that allows most individuals to complete get rid of their unsecured debt such as credit card debt, medical bills, old utility bills, and old apartment leases…

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What are IRS Partial Pay Installment Agreements?

Taxpayer will still owe the debt but will have a smaller monthly payment based on ability to pay, which could help taxpayer stay in good standing…

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What Does Currently Non-Collectible (CNC) Mean?

Taxpayer will still owe the debt but will not have a monthly payment, which could help taxpayer stay in good standing with the IRS…

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What is the IRS’ Pilot Program: 84 Month Installment Agreement?

The upside to the 84-month pilot program is no financial statement is required and it is not based on ability to pay…

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What is the IRS’ Fresh Start Program: 72 Month Installment Agreement?

The upside to the 72 month Fresh Start installment agreement is no financial statement is required and it is not based on ability to pay…

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What is an Offer in Compromise (OIC)?

An Offer in Compromise (“OIC”) is an agreement that allows taxpayers to settle their tax debt for less than the full amount owed…