Nothing can be more frustrating to a person who needs to restructure their personal finances than their inability to work with the creditors they owe. More often than not, the creditors want far more per month than they can afford. That is when seeking the advice of attorney Chris Bush becomes so necessary.
If you are in debt up to your eyeballs, you look to the bankruptcy laws to assist you in digging out from underneath the weight of debt and begin over.
That, after all, is what the law's designed to accomplish – provide you with another possibility to place yourself in a better financial place.
The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base. Taxable events include, but are not limited to, annual income, the sale of an asset, a fiscal year-end or an inheritance.
A tax liability is a legal claim on assets. Should an entity default on paying its taxes, the governing authority may foreclose on the delinquent account, or take out a lien or encumbrance on an asset.