What is bankruptcy? How does it work in the Palm Beaches? Should I file for Bankruptcy? Will I lose my house? Who is eligible for Bankruptcy? WhatÂ´s a Chapter 7 or 13? How bankrupt am I? Get bankruptcy answers from Walker Law Firm, a West Palm Beach Attorney.
How Does Bankruptcy Effect My Tax Debt
TAX DEBT AND BANKRUPTCY IN WEST PALM BEACH – DISCHARGING TAX DEBT
Filing for bankruptcy is a weighty decision, and could allow you to get a fresh start financially. You may owe a substantial amount of back income taxes as part of your debt and could believe that taxes will not be discharged via bankruptcy. This is not true.
HOW CAN MY BACK TAXES BE DISCHARGED IN BANKRUPTCY?
One of the benefits of bankruptcy is that the law does provide for the discharge of federal, state and local income taxes under Chapter 7, Chapter 13 or Chapter 11. To qualify for this relief there are a series of rules that and requirements that must be met. Timing is the main component of these requirements, and it can be a complex situation to evaluate.
As a brief overview, your tax debt must be owed at least three years prior to filing for bankruptcy. You must have filed the return for those tax years. The return must have been at least two years before you file for bankruptcy. Late filing does not impact the rule as long as the filing occurred two years prior to filing for bankruptcy. There are other timing rules connected with when your taxes were assessed.
Re-filing a return starts the clock again which might possibly disqualify the debt from being included in the debts discharged in bankruptcy. My firm, Walker Law Firm, P.A., can help you formulate a strategy to include back taxes in your overall bankruptcy.
LET OUR WEST PALM BEACH BANKRUPTCY LAWYER EVALUATE YOUR CASE!
This could be the most meaningful aspect of your bankruptcy filing as far as peace-of-mind is concerned. I am fully committed to helping you navigate successfully through this complex process so that you get the relief you need from a serious tax debt burden. An experienced West Palm Beach bankruptcy attorney is vital to ensure you do not make errors in this process, which could lead to delays or denials or future legal action.
Call me today at 561.689.1512 for a free appointment so that I can help you through this complex process.See all question