Each year on December 31st Americans pledge to eat healthy and spend less in the coming year. Turns out these resolutions are causing hardships for well known brands like Quiznos sandwich shops and Chicago's Hostess Brands.

With more people packing lunches and pinching their pennies Quiznos has found themselves in debt. According to the Chicago Sun Times they owe $875 million. The company is working with creditors to restructure the debt and make it possible for the company to pay off debt while avoiding bankruptcy. This is what Chicago bankruptcy lawyers would call, restructuring.

If successful, Quiznos can restructure their debts without bankruptcy and save themselves and their creditors the expense of bankruptcy while working together to get back on their feet.

Sometimes the best way to avoid bankruptcy in Chicago is to evaluate the success of your marketing presence. If Quiznos is losing customers concerned with cost they should market daily deals, sandwich giveaways and show customers that their product saves them money.

Hostess is filing for bankruptcy in Chicago. The brand is responsible for Wonder Bread, Ho Hos, Ding Dongs, Twinkies and Sno Balls. These snacks are well known by all Americans and their brand is strong. The problem for Hostess is the 150 calories packed in one Hostess Twinkie. Americans who are concerned with their health and diet are not buying Hostess products at the store.

Due to this change in American's diets Hostess is seeking the help of bankruptcy lawyers to file chapter 11 for the second time in 10 years.

This raises the question of how the company will do after bankruptcy. Healthy eating habits are here to stay and the best way to avoid bankruptcy is to market their product and develop new products for health conscious Americans.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

If a homeowner has a tax lien on their house their IRS tax attorney may suggest that they try to sell to pay off their debts. When you are the buyer you want to do your research to make sure you know if there is a tax lien on the house before you buy.

Tax liens are put in place when the homeowners owe a specified amount of money in tax debts. These debts can be from income, sales, local or federal taxes and if you have enough it will result in a tax liens on your assets.

This is important for a homebuyer because the tax lien will need to be paid before the sale can be completed. In a good housing market the homeowner should be able to sell the home for a profit which they would use to pay off their tax liens. However any real estate lawyer in Chicago will tell you that sellers are not getting the price they want for their homes. If the seller cannot sell the home and make enough money to pay their tax liens off then the sale could be in jeopardy. There is a chance that they can ask for an IRS discharge which would allow the sale to go through.

When you decide to make an offer on a home your Chicago real estate attorneys may tell you about title insurance. Title insurance is required by mortgage companies to protect them (and you) from a third party who may have a lien. The title insurance company does extensive research on the property to ensure that no one else can claim it as their own.

If you happen to be able to afford to buy a house outright without a mortgage your Chicago real estate attorneys may recommend that you get title insurance for yourself.

Buying a home with a tax lien on it can go smoothly. Just make sure you are well educated and well protected during the sale and afterwards.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

April 15th is a very well known day. Referred to as "Tax Day" in the United States, this date is burned into the minds of Americans just like December 25th and July 4th.

Some people who pay tax in Chicago are excited for filing their taxes annually. Many receive tax refunds because they have overpaid in taxes during the year. There are others who dread tax day. They fear IRS audits, tax liens and have an IRS attorney on standby should they need help.

For those that want to put off filing their 2011 taxes they are in luck this year. Tax day falls on a Sunday this year and the next day is Emancipation day, a holiday recognized by the District of Columbia. It is a law that tax deadlines recognize holidays in the District of Columbia. This means that Tax day is pushed until Tuesday, April 17th.

But that's not the end of the extensions. 2012 is also a Leap Year which means that February has 29 days instead of 28. This extra day means that anyone who is planning to file their 2011 taxes at the last minute will have 3 extra days to get it done.

IRS tax attorneys will tell you that it's not the best idea to wait until the last minute to organize your taxes. If you simply cannot be ready by April 17th then you can file for an extension to complete your taxes by October 15th. Organizing your tax documents as they arrive is a great way to improve your chances of meeting the deadline.

Ultimately, delaying filing is not a successful way to avoid IRS audits. Get your taxes filed and make sure you have a qualified IRS tax attorney on speed dial!

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

If you have been found to owe the government money for back taxes it is a debt that you can expect to stick until it is paid. Tax debt cannot be discharged through bankruptcy and once you reach a certain level of debt the government will put tax liens on your assets.

Putting a lien on someone's property is a process that is used to ensure that debts are paid. If someone puts a lien on your home you will be unable to sell or refinance the property until the lien is paid of. This helps the creditor ensure that they get their money at some point.

If you have had tax liens put on your assets in an attempt to collect past due taxes you might consider holding tax lien sales. Selling off any valuables and putting the money towards your debt is a great way to move forward.

It is important to remember that similar to bankruptcy, foreclosure will not help you escape your tax liens. The sale of a foreclosure that has a tax lien will take all of the income from the sale and use it to pay your tax debts.

There are solutions for debtors suffering with tax liens to help pay down debts and remove liens:

1. Payment plans - Even the US government will accept a payment plan. You will have to submit financial details proving your income and other details but once you complete the process payment plans are fine.
2. Lump sum pay-offs - Like any collection agency you can negotiate a lump sum payoff for your debts. This process takes a long 6-9 months but once completed you are debt and tax audit free.
3. Tax liens are good for 10 years - If the IRS puts a tax lien on your home it's only good for 10 years. After this time the lien expires.

IRS audits are a complicated process that can lead to a lot of confusing and time consuming processes. Tax lawyers in Chicago specialize in handling these situations and making sure they do all they can to help you pay your debts and get you back on your feet.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.