DISCHARGE IT: BANKRUPTCY FACTS
FAMILY OWNED TAX DEBT SETTLEMENT BUSINESS SINCE 1977!
Facts regarding discharging taxes in bankruptcy:
- Federal income tax debts except payroll related taxes as an employer, may be eligible for discharge under Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
- Only if you meet all of the conditions required to discharge taxes in bankruptcy will you be relieved of the tax liability.
- Always file and if full pay your taxes once you go into a Chapter 7 Bankruptcy. Filing income taxes while in a Chapter 13 bankruptcy is required to have your plan confirmed by the Court.
- All past tax returns must be filed before you can complete a bankruptcy.
- A tax lien that has attached to property you have title too will survive the bankruptcy in most cases. For further information read tax lien properties.
- None of the taxes discharge in a bankruptcy can be from returns that were fraudulently filed.
- Tax debts from unfiled returns with assessments from substitute for returns are not dischargeable in a bankruptcy.
- Please read: Tax aspects of bankruptcy before making your decision to file to discharge taxes in a bankruptcy.
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