PROVISIONS FOR
DISCHARGEABLE DEBT AND BANKRUPTCY PROCEEDINGS
There are
occasionally circumstances that disqualify taxpayer's
from all available tax debt relief
programs or that impose demands beyond financial
capability and subsequently force an individual to
seek relief from their back taxes by filing bankruptcy.
Dischargeable
Debt: Back taxes that are associated with returns
filed 3 years prior to the date of petition for
bankruptcy relief or that are from income taxes assessed
more than 240 days prior to the date of petition are
dischargeable debts. It is therefore, imperative
that you file late returns prior to seeking relief
in this manner if you want to discharge your back taxes.
Bankruptcy
is a Federal proceeding that can provide relief from
back taxes and in which some property is
isolated from your creditors and you will therefore
retain ownership of the exempt property. The rules for exempt property are
different from state to state but all states exempt
property from bankruptcy proceedings and despite
popular belief credit is normally restored
immediately, because financial organizations
understand that you can not again file bankruptcy for
7 years.
Lawyers.com
provides an overview worth reading if you are
considering bankruptcy and if you are having qualms
about bankrupting, on some of your creditors you have
the option to reaffirm your obligation.
Your
401K and Social Security is protected by federal
bankruptcy statutes and jurisdictional authority.
The
Bankruptcy Codes do not provide for discharge of taxes
owed to Government Trust Accounts (payroll taxes) but,
offer in compromise can provide relief from these
taxes.
OUR
SERVICES
If
you need assistance we can help with filing late returns and may be able to provide tactics that will
impede collection activity while the required time
tolls to assure that State and IRS back tax debt is
dischargeable in bankruptcy proceedings.
If you are considering filing a bankruptcy petition
merely to eliminate your tax debt we can determine if there
are other programs that will reduce or eliminate your
tax debt.
OUR PRIVACY AND
SECURITY POLICY
Our
organizational policies guarantee that
"only" contact initiated by you and required
to answer your questions or to provide tax services we have been commissioned to
provide will occur at
any time, now or in the future
