I Have A High Income What Past Due Debts Should I Pay First?

Question:

I now have high income with ability to pay off bills that are over three years past due. Should I attack IRS and state tax liens first? Would it be better to have an attorney send negotiation letters to obtain settlement letters?

Thanks
Judith

Answer:

Contact the IRS and your state tax authority to work out a payment plan to eliminate the debt you owe. The IRS provides options for people who have trouble with delinquent taxes. See Information about IRS Debt and Tax Lien learn more about your options for resolving your IRS tax debt.

You can also contact a third party that specializes in tax relief to give you a free consultation on what options you have available for your situation. For a no-cost, online quote from pre-screened service providers, see the Bills.com tax relief savings center.

If you are past due to the point where your creditors or the IRS are beginning to pursue garnishments or legal action you may want to consult with a licensed bankruptcy attorney in your state to discuss with you the options you have available.

I hope this information helps you Find, Save, and Learn.

Best,
Bill
www.bills.com/blog

Also, make sure to get a free financial health check-up with Bills IQ!