When debts of almost any type begin to mount and are not being paid, they do not simply go away, but they do continue to pile up with interest and penalties. The instinct of many in this situation is to run and hide in hopes that the situation will resolve itself, but the fact of the matter is that it will not. In fact, the situation will only get worse. If you face this problem, you need to deal with it, and you can start by contacting experienced San Diego tax and debt negotiation lawyers. Below is a brief overview of each of these types of debts and how they can be eventually eliminated.
There is no worse type of debt than tax debt. The interest and penalties attached to this form of debt compound rapidly, and the IRS and most state taxing authorities have collection options and legal power that no one else has. Therefore, if you don't take steps to work with the taxing authorities to deal with these debts, many will simply take what they feel they are owed to satisfy them.
However, there are options available to resolve this type of situation reasonably. Working with San Diego tax and debt negotiation lawyers will provide you with more of a level playing field. Negotiating these debts down to a reasonable level requires intimate knowledge of the tax code, of IRS and state taxing authority procedures and the diligence to see the negotiation through to completion. This can be done with the proper help.
While general creditors do not possess the authority and power that tax authorities have, they can make life miserable for someone as well. Anyone who has been delinquent on consumer debts understands that the phone calls and the letters can be relentless to the point where they ruin a person's quality of life.
However, those who owe these types of debts to general creditors have leverage working for them that does not exist with taxing authorities. This leverage is the threat of not being paid at all by way of filing for bankruptcy protection. In these troubled economic times, most creditors understand that if they push a matter too far, they will face the risk of losing all that they are owed.
Therefore, working with skilled San Diego tax and debt negotiation lawyers could have you on the fast track to a resolution. These types of professionals can negotiate with creditors to not only eliminate the interest and late fees, but in many cases they can settle a debt for a portion of what was owed.
However, this process of eliminating these debts can only begin if you seek the help of professionals who understand how to obtain the results you need. If you're ready to put an end to your stress, contact the San Diego tax and debt negotiation lawyers at the Golden State Law Group today to schedule a free initial consultation.