If you are suffering from insurmountable income tax debts you may want to consider bankruptcy as an option to help. Your income tax debts are dischargeable in Chapter 7 Bankruptcy if they meet the following criteria:
To help calculate the timelines above, we suggest ordering a copy of your tax transcript with the IRS.
Please keep in mind that a Chapter 7 Bankruptcy will not discharge prior recorded federal tax liens, only your personal liability on the debt.
If you have tax debts that are non dischargeable in bankruptcy and/or you do not qualify for Chapter 7 Bankruptcy, you can consider reorganizing those tax debts in a 3-5 year repayment plan under Chapter 13 Bankruptcy.
Please contact us to set up a free consultation on whether or not these options can help you and your family.
Disclaimer: The above blog entry is designed to provide general information and to help in the choice of appropriate legal counsel. The information contained within is not and should not be construed as legal advice nor will it create an attorney-client relationship.