If you owe the IRS a hefty sum and are beginning to feel the heat, there are a variety of methods you can use to relieve your debt and lower your anxiety levels. Ignoring your debt can have dire consequences, including seizure of your assets and garnishment of your pay, so make sure you do your part to start paying off your debt in the quickest way possible.

The Fresh Start Initiative

The IRS began a Fresh Start Program back in 2008. This program was designed to help taxpayers going through hard financial times pay back their debt to the government, and throughout the years it’s gone through several changes. It can be hard to keep up with the alterations within the fresh start programs system, so use a service like the Community Tax fresh start initiative that has professionals staying up to date on the nitty gritty for you—more stress off your back so you can focus on making the money to pay back the IRS.

Installment Agreement

If you need more time to pay your taxes, but want to start chipping away at the debt immediately, request an installment agreement. These agreements allow you to pay off small increments of your total sum over a period of time, sometimes up to 10 years. The government will usually collect by direct debit, whereby they have access to your bank account and can take out the agreed upon sum; or, the IRS will elect to use payroll deduction, where a dedicated amount will be deducted from your paycheck each time until your debt is paid back.

Currently Not Collectible

If you need more time to collect the money needed to pay off your debts, look into filing Currently Not Collectible. In this case, the IRS will declare your debt “currently not collectible” after determining that you don’t have the ability to pay. This inability must come from legitimate budgeting reasons; for example, if the cost of your rent, food, and living supplies outnumbers your wages, the government may deem you qualified to receive this distinction. This filing can help you prevent the IRS from enforcing any liens or levies, and keep your assets safe while you find the money to settle your debt. The time period for paying back your debt can last for up to 10 years (providing you are still in economic hardship and truly can’t afford to pay it until that point).

Filing for Bankruptcy

Filing for bankruptcy can also be a way to dig yourself out of a debt crisis, but it does come with its drawbacks. You are able to discharge your income taxes as long as you fit the qualifications, including the following: you should have filed legitimate tax returns for two years prior, you haven’t ever willfully evaded your taxes, and you haven’t committed tax fraud—and those are just for starters. Remember that filing for bankruptcy can negatively influence your credit score, making loans a hard thing to come by.

Offer in Compromise

An offer in compromise can be an excellent option for those who won’t reasonably be able to pay off their debt to the IRS in full—ever. The gist of this option is a compromise with the IRS for a lesser amount that you promise to pay back. Also known as Form 656, once you pay back your compromised debt offer, your debt is considered repaid.

Always File, and File On Time

Always file your taxes, even if you know you won’t be able to pay them right away. The IRS doesn’t look too kindly on those who neglect to file their taxes, and will not process any offers in compromise or installment agreements if you’re not up to date on your filing.

One of the terrible consequences of failing to do your taxes on time is wage garnishment. This refers to the IRS seizure of your paycheck; you may receive a paycheck with a large chunk missing, or you could be one of the unlucky few who doesn’t receive a paycheck at all. The IRS implements this consequence to those who have repeatedly ignored warnings, so it’s important to always maintain communication when you’ve failed to pay.

If you’re currently in trouble with the IRS and looking for ways to settle your debt, talk to a tax professional and find out which of the above options will best help you climb out from your money obligations and get you back into the IRS’s good graces.