WILL FILING FOR BANKRUPTCY ELIMINATE MY TAX DEBT?
Posted on 05 01,2014
With tax season here again, some of you may be wondering whether filing for bankruptcy will allow you to get rid of your outstanding tax debt. Not all tax debts can be eliminated through filing for bankruptcy protection. Payroll taxes and cannot be discharged by filing for bankruptcy. Certain tax penalties and any unpaid income taxes from tax returns at least 3 years prior to the date you file for bankruptcy may be eligible for discharge.
The minimum requirements that must be met before a federal income tax debt will be considered for discharge are: a tax return must have been filed for the year or years in question, the income tax debt must be more than 3 years old, the debt must have been assessed by the IRS at least 240 days before your petition is submitted to the bankruptcy court, and you must have not have filed a fraudulent return or attempted to evade paying taxes.
To find out if you may be eligible to eliminate some of your tax debt by filing for bankruptcy, we advise you consult with a skilled bankruptcy attorney in Virginia Beach as soon as possible. An attorney from the David McCormick Law Group will be happy to answer all of your bankruptcy-related questions and help you determine the options available to you. We have provided representation for more than 17,000 bankruptcy cases and have helped countless individuals obtain true financial relief, even when they thought there was no hope in sight. Whether bankruptcy or one of the alternatives to bankruptcy is right for you, you can trust that our firm will be by your side to help you every step of the way. We take a personal interest in each of our clients and in seeing that they get the positive results they need.
Do not wait until your bank accounts are frozen or your wages are being garnished, get the help you need now. If you are worried about past due taxes and wondering if you may be eligible to eliminate your tax debt by filing for bankruptcy, contact a Virginia Beach bankruptcy attorney at our firm so that we can review your finances and advise you on how to proceed.