Bankruptcy and Business Taxes Lawyers
Experienced Bankruptcy Attorneys Help Small Business Owners with Their Tax Obligations in New Jersey and Pennsylvania
In today’s difficult economy, many business owners can find themselves overwhelmed by the different obligations they have to customers, employees, creditors and the government. Sometimes a business owner doesn’t get around to paying their taxes or taking care of their quarterly requirements. This can potentially lead to the downfall of the business because the government doesn’t mess around when it comes to taxes.
If you are behind on business payments, you may need a skilled NJ bankruptcy lawyer to assist you and make sure that you are able to meet your tax obligations and maintain your business. The knowledgeable bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC have decades of combined experience helping small business owners with debt management and bankruptcy filings throughout New Jersey and Pennsylvania. Contact us today to speak with a member of our legal team who will help you determine whether you might qualify for reorganization or discharging of your tax debts in bankruptcy.
Filing for Chapter 11 Bankruptcy to Protect Your Business in New Jersey or Pennsylvania
The best way to avoid tax problems is to not miss any deadlines in the first place. However, when a small business owner has already missed quarterly tax requirements, their best option might be to explore bankruptcy so that they can restructure the debt and get extra time to pay it off.
A tax deficiency can have serious negative consequences for you and your business. If you aren’t careful, you could be out of business before you know it. One possible option for you to save your company and get out from underneath a mountain of outstanding debt is to restructure the debt by filing for Chapter 11. Chapter 11 may allow you to avoid closing down a business that you know will be able to thrive if you can just get a little more time to turn things around.
- Chapter 11 is known as “reorganization bankruptcy” because it allows a small business to reorganize debts and arrange to meet tax obligations while still keeping the business operational.
- Chapter 11 can give you the time you need to pay off the IRS and meet your tax obligations.
- In New Jersey, you can take up to five years to restructure any business debts owed to the IRS or the NJ Division of Taxation – as long as you file for Chapter 11.
- Many times, a small business owner filing Chapter 11 ends up getting a better result than they would otherwise have gotten by negotiating directly with the IRS.
A knowledgeable NJ bankruptcy attorney can help you take advantage of the flexibility and creativity afforded by a Chapter 11 filing so that you can keep your business running.
The Tax Consequences of Filing for Bankruptcy in NJ or PA
Keep in mind that the moment you file for bankruptcy, creditors will, for the most part, be frozen out from the process and unable to bother you about your outstanding debts. Although a Chapter 11 filing will result in an automatic stay on certain tax debts, the IRS may still be able to require you to file tax returns and potentially audit you. That’s why it is critically important to stay on top of your tax obligations and enlist a qualified bankruptcy attorney to assist you before things spiral out of control. If you have already missed quarterly tax payments, you need to speak with a knowledgeable bankruptcy lawyer immediately.
Schedule a Free Consultation with South Jersey Business Bankruptcy Attorneys Who Can Help You Take Care of Business Tax Requirements
The knowledgeable bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC can simplify the Chapter 11 bankruptcy filing process for you and help you keep your business afloat. Contact us today to discuss your situation over the phone or schedule a free phone consultation at one of our offices in Moorestown, Browns Mills, Maple Shade or Philadelphia.