Bankruptcy and Back Taxes

: Chris Lee Law Firm

  Filed under: Taxes

TaxesIf the main debt that you have is back taxes and you are assuming that all you need to do is go bankrupt to get rid of this debt you may find that this is not the ideal solution for you, or even that bankruptcy is able to provide the solution for you.

The first thing you want to do is speak with a Dallas bankruptcy attorney who will ask you many detailed questions about your financial situation, and then will be able to tell you exactly where you stand regarding your back taxes, and how they will probably be handled through a bankruptcy action.

The one thing that you need to be aware of is that before you can declare bankruptcy to deal with your taxes you must have all of your taxes filed. Only then once the taxes are filed and have been assessed will you be able to proceed with finding out how they are going to be dealt with during a bankruptcy action. There are a lot of conditions that must be met in order to get your taxes discharged if you are going into a Chapter 7 bankruptcy.

One of these that is important is that the taxes that are owed are income taxes and not taxes owed from a payroll or trust fund taxes, for example. The tax must have been is assessed at least a minimum of 240 days before you filed for your bankruptcy. There can be no suspicion that you committed fraud to evade your taxes. These are just a few of the criteria that must be met, and it is highly important that you work with a experienced bankruptcy attorney who is going to make sure that you are able to meet all of the criteria if your priority is to get your back taxes discharged under your bankruptcy.


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