Many people are asking if back tax debt with the IRS can be eliminated by filing bankruptcy Chapter 7 or Chapter 13.
There have been many cases in which tax debt was eliminated by filing Chapter 7 bankruptcy.
The true test for qualifying would be how old the taxes are, when the tax returns were file and have they been assessed by the IRS.
If you filed more than three years ago and the return has been determined to the amount owed along with the penalties you may have incurred, you could include them in a Chapter 7 bankruptcy and ask that they be discharged.
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There are some other factors to consider such as the type of taxes in question. Are they income taxes, corporate or property taxes? Individually they have different qualifications that need to be met before they can be discharged.
Commonly the concern is more for income tax debt.
Coming from the IRS, age and the assessment are most important.
State and federal taxes could also be eliminated when filing bankruptcy. However, if you were unable to discharge your tax debt you may want to think about filing Chapter 13 as opposed to Chapter 7. Chapter 13 allows you to get rid of your unsecured debt such as credit cards, which would make it possible for you to pay your tax debt.
This can be helpful when taxpayers have had their taxes assessed by the IRS and maybe the taxes are not old enough and they carry a lot of credit card debt. A bankruptcy plan can be set of for three to five years, depending on the amount owed, where the taxpayer can pay their taxes through this plan. Once the final payment is made the debt would be satisfied.
There are many other solutions to eliminate tax debt to the IRS. Bankruptcy and IRS tax debt can be one that may work for you. Hiring a professional tax attorney will get many of your questions answered and they can help you make the right decision that works best for you.
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