Smith, Montgomery & Associates, P.C., comprised of lawyers and highly-trained staff and one of the leading law firms in Southwest Missouri, is a full service law firm with over 65 years of combined experience.
If you owe back income taxes or property taxes, the filing of a Chapter 13 will allow you to repay the debt over time. This is true for a business entity filing Chapter 11 or a farming enterprise filing Chapter 12. In addition to allowing you to repay the debt through your bankruptcy filing, the bankruptcy laws prevent the taxing authority from imposing any additional penalties or interest on the debt while you are in the bankruptcy. Depending on the amount of the tax debt owed, this can result in a savings of thousands, or even hundreds of thousands, of dollars over the duration of the bankruptcy. Depending on how old the tax debts are, some can even be avoided altogether. Also, if one of Smith, Montgomery & Associates' Bankruptcy Lawyers files bankruptcy for you, the debts that are written off in bankruptcy don't result in taxable income.
Call one of the experienced and caring Debt Planning Lawyers at Smith, Montgomery & Associates today to find out how we can help you make informed decisions about all of the debt planning options available to you.