Dealing With Your Tax Debt In Bankruptcy

: Chris Lee Law Firm

  Filed under: Bankruptcy, Taxes

tax debt, bankruptcy, attorney, attorneys, lawyer, lawyers, dallas, texas, tx, fort worth, mckinney, hurst, law firm, tx, bankruptcy process, debt collector, chapter 13,For many the enduring myth is that you cannot realize tax debt relief by filing for bankruptcy. This is actually a false assertion. You actually can have tax debt, including back taxes, interest and penalties as well, discharged with bankruptcy under certain criteria.

Consult a qualified bankruptcy attorney to help you determine if your situation qualifies for this relief. The main criteria in determining if you qualify are these three things 1. Your tax return has to be on file for at least 2 years prior to filing, 2. Your tax debt must have been assessed by the IRS a minimum of 240 days before filing and lastly 3. Your tax debt must be at least 3 years old. So, as you can see the age old myth that tax debt is not included in a bankruptcy proceeding is not always entirely the case.

There are specific situations where you may seek relief from these debts through filing. Again, seek out qualified bankruptcy lawyer to help you with these and other pertinent questions pertaining to your specific case.

They can assist in guiding you not just through tax debt relief but also help you determine exactly which type of bankruptcy to file for by reviewing your personal situation and helping you make the right decisions across the board. Knowing exactly what you face and how to deal with each situation will make the process much easier to deal with.


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