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MILDRID ESUA, CPA, PLLCMILDRID ESUA, CPA, PLLC
MILDRID ESUA, CPA, PLLCMILDRID ESUA, CPA, PLLC
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Bankruptcy

Best Rated bankruptcy Accounting Firm in Greensboro NC, Greensboro and Charlotte for Your Whole Life

A chapter 7 bankruptcy possibility can be used as a tool when negotiating an OIC. When the IRS evaluates the OIC, they will provide their analysis of the ability to pay, which invariably is higher than what the taxpayer has offered. Chapter 7 bankruptcy could be used to demonstrate that, if filed, the IRS will receive less money than their analysis. Thus the preparation of the OIC should weigh the possibility of a chapter 7 bankruptcy.

Alas, all is not easy in the tax world. Not all tax debt is dischargeable. The following three criteria must be met for each tax year for income tax to be eligible for discharge. If any of these are not met, then the tax debt cannot be discharged, and it will survive a chapter 7 filing.

Chapter 13

 This bankruptcy proceeding is best for those with ongoing income that is insufficient to address all debts owed with any realistic prospect of ever getting out from under the debt. Unlike the IRS collections statute, which is 10 years, a chapter 13 bankruptcy’s repayment plans are between 3 to 5 years. Further, ongoing interest and penalties are stopped, with the IRS debt “frozen” – it does not continue to mount.

However, with respect to taxes, those that are priority must be paid in full as part of an overall repayment plan – that debt cannot be reduced by the operation of chapter 13 bankruptcy. As is the case with Chapter 7, IRS liens survive bankruptcy. Thus if the taxes involved are mostly priority or lien action was taken, an OIC may be the better option.

Chapter 13 imposes on all creditors the terms they will accept for complete and total satisfaction of the debts. Because of the greatly shortened repayment timeframe, a taxpayer availing himself of a chapter 13 filing will likely come out better compared to an OIC, and certainly better than a conventional installment agreement.

Bankruptcy Services

ASSISTANCE IN CASES INCLUDE:

Evaluation of alternatives to bankruptcy.

Reduction of expenses to improve cash flow.

Development of budget and operational reviews.

Claims verification.

Search for unreported assets.

Review for unusual transactions.

Trustee liability protection.

How You Will Benefit

Our service offers the following benefits:

Allows your company to continue operations without the burden of unmanageable debt

Enables your business to operate more efficiently

Returns more to creditors than they’d get if your company were liquidated

Allows you to continue serving your customers

Keeps your employees employed

Positions your company for long-term survival

Do you have questions about services we offer including bankruptcy  in Greensboro and Charlotte? Would you like to receive a personal Bank Financing  services customized to your specific needs? To schedule an appointment with a nationally recognized, best accountant Greensboro, Mildrid Esua of Mildrid Esua, Cpa, PLLC firm, please contact our Greensboro or Charlotte tax accountants for a FREE CPA consultation.

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Greensboro NC 27408
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  • Home
  • Industries
    • Government
    • Government Contractors
    • Charter Schools
    • Enterpreneure
    • Healthcare
    • Tax, Assurance A/E Firm
    • Nonprofit
    • Real Estate CPA
    • Construction CPA
    • Cryptocurrency CPA
  • Services
    • Tax Advisory Services
      • Small Business tax CPA
      • High Net Worth
      • Tax-Planning
      • Nonprofit Tax
      • International Tax
    • IRS Tax Problems
      • Unfiled Tax
      • bankruptcy
      • Back Taxes Owed
      • payroll tax problems
      • Tax Audit
      • Tax Lien
      • Tax Representation
      • Offer In Compromise
      • Wage Garnishment
      • Seizures
    • Small Business Accounting
      • Business Start-Up
      • Late S Corp Election
      • Bank Financing
      • Virtual CFO Services
      • Bookkeeping
      • Self-Employed
      • 1099-Form
      • Payroll
    • Audits
      • Compliance Audits
      • Single-Audit
      • Agreed-Upon Procedures (AUP)
    • Small Business Advisory
      • Management Advisory
      • COVID-19
      • Cash Flow Management
  • About us
    • About us
    • Why-Mildrid Esua, CPA
    • Free Consultation
  • Client Support
    • Client Portal
    • Fee Info (transparency)
    • PAY MY BILL
    • Privacy Policy
    • Terms & Conditions for Professional Services
  • Careers
    • Current Opportunities
    • Internships