If you can nolonger make monthly payments to the IRS and are on Social Security, what will happen?

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If you can nolonger make monthly payments to the IRS and are on Social Security, what will happen?

Asked on April 6, 2011 under Bankruptcy Law, South Carolina

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you owe taxes and can no longer afford your payments, consider talk to a tax lawyer who has experience with negotiating and settling debts owed to the IRS. It may not hurt you to at least speak with an attorney about this and who knows, you may be able to get a settlement approved for pennies on the dollar. You may also wish to contact the IRS (of course, only if you decide not to go the route of an attorney) and see if anything can be done to negotiate down your debt directly and spread out payments or have a forgiveness of debt. Other lawyers may also recommend reviewing all of your finances currently, seeing if anything can be done to file some sort of bankruptcy. This is of course an extreme step. Consider contacting your local bar association or legal aid in your county and also talking with a non profit (one who does not charge you money for its services) consumer credit counseling agency and see if you can lower some of your expenses in other areas of your life.


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