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Discharging Federal & State Income Taxes

Taxes and Bankruptcy

Having credit card or mortgage debt is one thing, but being indebted to federal or state governments is a whole new form of fear for those struggling with debt. Tax debts cause a different, and particular type of stress when they are overdue and there just isn't enough money to pay them. When you come into your consultation, be very sure to provide Mr. Alster with as much information as possible regarding each type of tax, and for which year(s) the tax is owed, so that Mr. Alster can give you the definitive advice and instructions you no doubt desire. Some types of taxes are dischargeable and some are not depending on the nature of the tax and which year(s) it is owed for.

Taxes not dischargeable in Bankruptcy

Not all tax debts qualify to be discharged under Chapter 7 bankrupty, including Trust Fund taxes such as payroll tax, fraud penalties, Trust Fund Recovery penalties, and several other unusual types of taxes. Existing tax liens can often be removed during or after the filing of a Chapter 7 or Chapter 13 petition.

The conditions for income taxes to be dischargeable are as follows:

  • The return must have been filed at least two years before your bankruptcy filing date.
  • The due date for filing the return must be at least three years before your bankruptcy filing date.
  • The tax must have been assessed at least 240 days before your bankruptcy filing date.
  • There must be no record of a willful attempt to evade paying the taxes, and no fraudulent returns.
  • After the IRS audit assessment, the amended return must be filed with the state. The three and two year conditions apply to the amended return's due date and filing date.

As long as you come in to your consultation with the specific information needed, Mr. Alster will be able to accurately determine of which taxes are dischargeable and which will not be dischargeable.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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The Law Office of Marc G. Alster - Hackensack Bankruptcy Attorney
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