If your tax obligations cannot be effectively handled in either a Chapter 7 or Chapter 13 bankruptcy there may be other options available with IRS.
The most common alternative is "Offer in Compromise". This is a written offer made to the IRS to compromise and settle the delinquent tax liability.
If you do not have the ability to pay the tax liability off in full, the IRS may accept an offer to pay less then the full amount and may accept payments over time paying less then the full amount if, they believe the payments you've offered represent the equivalent of what they could expect to collect by levy or seizure.
An Offer in Compromise is made in writing with forms provided by the IRS and usually will require substantial supporting documentation proving up income and living expenses. It is helpful to consult someone experienced in putting together a properly prepared and well-documented Offer in Compromise that has a chance at being viewed with favor by the IRS.
Specific rules apply with regard to showing income, allowed expenses, availability of assets, and the proposed structure of payment plans in an Offer in Compromise, and it is highly recommended that you consult an experienced Iowa tax or bankruptcy attorney for advice and help in pursuing such an offer.
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