What can be done about tax obligations?
Minneapolis Bankruptcy attorney Steven Silton shares how tax obligations can be dealt with by creditors and debtors.
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Not surprisingly, tax obligations need to be dealt with differently than ordinary unsecured or secured obligations. And the federal government has substantial rights and there are substantial limits on the ability to reorganize tax obligations. That being said, there are manners in which tax obligations can be turned out and paid off over a period of time with regard to at a reduced interest rate. So there are manners in which you can reorganize tax obligations, including withholding tax obligations which are often a large percentage of monies owed by a business in financial distress.