Success Story – $300 Total IRS Solution!
Today’s success story involves an Illinois couple who started working with Tax Law Offices in May 2021. The wife had recently retired. But this couple, humble and hard-working, owed over $67,000 to the IRS and really needed our help.
Unfortunately, another firm had disappointed them before they hired Tax Law Offices. It was a challenge to gain their trust.
At the time we were hired, only one of the spouses was working. With only one income in their household, they could not afford the monthly payments demanded by the IRS. In fact, they could barely afford any payment at all.
We fought (for weeks) to negotiate an affordable monthly payment agreement. Finally, we settled on a small, fixed $100 monthly payment. This would not pay the full $67K debt, not even close!
This “nominal” payment was more like a settlement of the full amount. This permanent resolution satisfied everyone. Yes, the clients were happy, and the IRS eventually accepted the agreement for $100 per month!
Then life changed. Within 2-3 months of finalizing the agreement, our client’s financial needs changed. An unexpected life event caused our couple’s living expenses to suddenly increase. They could no longer afford the $100 payment, having only made the payment to the IRS 3 times!
With their increased expenses, we withdrew the Installment Agreement. Instead, we arranged a 2-year deferral (postponement) of payments to the IRS. We had already taken over all communications with the IRS. We also counseled the clients on how to eliminate 100% of the taxes in bankruptcy.
Our clients ultimately decided to cancel all of their tax debt in bankruptcy. The IRS’s collections stopped contacting our couple completely.
Plus, they will not have to make another payment on this debt … EVER! At the same time, they were still able to keep their retirement savings, even after the bankruptcy.
Just think, they only made three payments of $100, and now the IRS debt is gone. They got a fresh start to their financial life. This $300 creative solution was a WIN, WIN, WIN for the clients.
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