There are a number of non-bankruptcy options for solving tax problems. These include setting up a payment plan with the IRS or completing an offer in compromise (“OIC”). An OIC is an offer to the IRS to settle out your tax debt. An OIC may be a great option if you only have tax debt or are concerned about credit. Bankruptcy is a better option if you have a number of tax years that can be eliminated or if the IRS has rejected a proposed offer in compromise.
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