Jacoby & Jacoby Articles Do You Have Crippling Tax Debts?

Do You Have Crippling Tax Debts?

By Jacoby & Jacoby  Jun. 5, 2013 3:35p

It is fairly well known that certain types of debts such as student loans and tax debts can be very difficult to discharge through filing for bankruptcy. In some cases, all your debts except for taxes and student loans may be absolved. It is important to know, however, that it is possible for your tax debts to be discharged in certain circumstances. Understanding how bankruptcy protection may benefit you is best accomplished with the help of a knowledgeable bankruptcy lawyer. Determining whether or not your tax debts are exempt from bankruptcy protection can be a detailed and complicated process. There are very strict rules concerning these matters and incorrect or incomplete information can cost you big time. That is why your first step should be consulting with a qualified bankruptcy specialist if you are considering ways to get rid of overwhelming tax liabilities and other debts.

There are several important factors which can determine whether or not your tax debts can be discharged with a personal bankruptcy filing. Much of this relies on the timing of your bankruptcy filing and the history of the specific tax liabilities involved. Depending on the specifics, the tax debt must be concerning a return filed no less than two years ago and must have been due no less than three years ago. These dates include any extensions that were granted by the IRS. Specific types of taxes such as those relating to unfiled returns, payroll taxes and others cannot be discharged. Additionally, if your tax liabilities are connected to any form of fraud then they cannot be discharged by filing for bankruptcy protection.

Find out if Chapter 7 or Chapter 13 bankruptcy protection is the solution for you!

If you are interested in discovering what tax debts of yours may be eligible for negotiation or discharge through bankruptcy then contact a bankruptcy attorney on our team at the law offices of Jacoby & Jacoby today. We have helped clients throughout the Long Island area get free of debt in even the most complicated of cases. When we take on a case it is with the goal of getting that client the best outcome possible as swiftly as possible. There are several steps in pursuing a discharge of your debts: one is determining if your tax debts qualify and the other is determining which Chapter of bankruptcy protection you fill the requirements for. The process can seem overwhelming if faced on your own, especially if you are already feeling the stress and burden of making ends meet under a mountain of seemingly insurmountable loans, credit card debts, medical bills and others. We are passionate about helping clients through this process and finding their way to brighter financial future!

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