Struggling with Debt? You’re Not Alone
The amount of debt in the United States has reached its highest level compared to the size of the economy since World War II. Furthermore, the amount of public debt is projected to be even higher next year. Why? Primarily because of the trillions of dollars in fiscal stimulus spent by the federal government in response to the coronavirus pandemic,
According to the Congressional Budget Office, the amount of federal debt held by the public is projected to reach or exceed 100 percent of U.S. gross domestic product. This means the United States will join a handful of countries carrying debt loads in excess of their overall economic output, such as Greece, Italy, and Japan.
You Have Options
Even though the federal government is carrying a shockingly-high amount of debt, the U.S. dollar is the world’s currency and the government’s borrowing capacity is practically unrivaled. In stark contrast, you and I do not have the same ability to borrow with seeming disregard for future repayments. That is why you should consider a debt settlement to help get your fiscal house in order.
You may be asking yourself, “what exactly is a debt settlement?” Well, it is a negotiated agreement where you would pay a fixed amount of money upfront in exchange for an agreement from your debt collectors or creditors to settle your outstanding debts and cease collection efforts. Depending on how much debt you are carrying, there is a possibility you could get your debt erased entirely for a significantly lower amount than what you currently owe.
Overview of the IRS Debt Settlement Process
There are generally five steps associated with a debt settlement. Here is an overview of each step:
- A letter will be drafted informing your collection agency that you dispute the debt you owe and that you are requesting all collection efforts to cease immediately.
- You, or your debt relief attorney, will formally request debt validation within 30 days of being contacted by a collection agency. The debt validation is important since it requires the collection agency to prove how much money you actually owe and whether they have the documents to prove it.
- Your tax debt relief attorney will then help assess and determine an amount you can reasonably afford to pay each month and start the negotiation process with your collection agency (it is important to be prepared for a drawn out negotiation process that could last up to 48 months)While the negotiation process is taking place, you can take advantage of the extra time to save money and deposit it into a secure account until the fixed amount is agreed upon.
- Once a number is agreed upon, your debt relief lawyer will review your settlement agreement to ensure there are no issues.
- If the collection agency is unwilling to settle and takes further legal action, your lawyer can immediately start crafting your defense.
Are You Struggling with Significant Debt or a Large Tax Bill? Take Action by Contacting an Experienced IRS Tax Relief LawyerToday
Whether you are struggling with business finances or personal finances, Anderson Bradshaw Tax Consulting is here to help. Our team of experienced tax relief attorneys are passionate about assisting individuals and businesses resolve their tax-related difficulties and advocate for their rights. We understand the struggles, challenges and fears that revolve around issues related to an IRS debt. Take action by contacting our office today to schedule a free 30-minute consultation at 877.550.3911 or for further information please visit www.AndersonBradshawTax.com.