Secret Life Of 5 Year Olds Season 1 Episode 1 Does Bankruptcy Discharge Tax Debt?

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Does Bankruptcy Discharge Tax Debt?

It’s no secret that debt is one of the most stressful life events a person can experience. But there are solutions for most types of debt. Many creditors, such as credit card companies and medical facilities, are happy to set you up with payment plans to ensure that your debt is taken care of. Some hospitals even have funds available for those who cannot pay their medical bills. You may also be able to settle unsecured debts through bankruptcy. However, when it comes to tax debts, the federal government can be a bit more difficult to work with, and tax debts cannot be discharged through bankruptcy. There are always exceptions, and a bankruptcy attorney can help you work with the government to take care of your tax debts.

How are tax debts resolved?

Although you may not be able to settle tax debts through Chapter 13, the amount you owe will be taken into account when designing your repayment plan. You may be able to get back taxes when you file Chapter 7, but only if you meet these five criteria:

1. In general, only income taxes may (or may not) be included in bankruptcy; all other types of taxes are generally excluded.

2. You may not include your tax debt if you have committed tax fraud or willful tax avoidance. You will also face additional legal consequences in these situations.

3. Your tax debt must be at least three years old as of the date of filing the bankruptcy petition.

4. You must have filed a tax return for the year in which you owe taxes at least two years prior to filing for bankruptcy.

5. You will need to meet the “240 day rule,” which means that the taxes either have not yet been assessed or have been assessed at least 240 days before filing for bankruptcy.

If you fall far enough behind on your taxes, the IRS can place a tax lien on your property. In these situations, you may be able to include the taxes in your bankruptcy, but it would not apply to your lien. You will still owe the lien amount, but the IRS cannot garnish your wages or take control of your bank accounts to collect the debt. To take care of the lien, you may need to sell your property to pay off the debt, negotiate a payment schedule, or even negotiate a settlement for a lower lump sum. This can be tiring and stressful, but it can be worth the effort on your part.

Professional guidance

If you have received a notice from the government, especially related to tax debt and liens, it is important to act quickly. Dealing with government agencies can be intimidating, especially when money is involved. A bankruptcy attorney can offer professional advice so you can move forward with confidence and take control of your situation.

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