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How Filing Bankruptcy Can Affect Your Taxes

Many people mistakenly believe that filing for bankruptcy is not an effective way to deal with tax problems. Our experienced bankruptcy attorneys at Goering & Goering, LLC, know this is not true. Although this is a complex area of the law, some tax debts can be discharged in bankruptcy and filing may be the best solution for many people. We have represented clients in Southern Ohio, and northern Kentucky with bankruptcy taxes since the 1960s. Let us help you through your legal challenge.

Bankruptcy May Provide The Time You Need To Pay Your Tax Debt

If you have substantial IRS debt, state tax debt, or both, our experienced bankruptcy attorneys at Goering & Goering, LLC, understand these issues, the laws and how to navigate the legal system with diligence, and confidence. We will carefully evaluate the type of tax debt you owe, when those taxes were assessed, and other factors to determine whether these debts may be eligible for discharge. We can evaluate whether eliminating other debts through a Chapter 7 filing will enable you to repay tax debt that is not otherwise dischargeable. Also, if you are considering Chapter 13 bankruptcy, there are benefits, such as giving you the ability to catch up on taxes by making manageable monthly payments over three to five years, at no interest. Our attorneys will guide you through the process and help you make the decision that is right for you.

What Are The Requirements For Discharging Tax Debt Through Bankruptcy?

While some types of tax debt are dischargeable, not all tax debt is dischargeable, and certain actions by the Internal Revenue Service (IRS) can place additional restrictions on how you liquidate assets.

In order to discharge tax debt through Chapter 7 or Chapter 13 bankruptcy, the debt generally must meet certain qualifications, including:

  • In the vast majority of cases, only income taxes can be discharged
  • Tax discharges are not generally available for tax penalties, payroll taxes or other types of non-income tax debt
  • The tax debt must be at least three years old, and you must have filed proper tax returns
  • If you have committed tax evasion or fraud, then discharge is highly unlikely
  • If you wish to liquidate property that the IRS has placed under a federal lien, the bankruptcy does not dissolve the lien

We take pride in our in-depth knowledge of bankruptcy law and our ability to address all kinds of complex tax problems for our clients. You can count on clear, reliable information when you turn to our law firm.

Practical, Reliable Debt Relief Advice. Call Us Today

If you have questions about your taxes, a bankruptcy attorney at Goering & Goering, LLC, will be glad to talk through your concerns and the applicable bankruptcy rules. You may also have important questions about a tax refund and how a bankruptcy filing will affect it. To schedule your free initial consultation and meet directly with a skilled bankruptcy lawyer, please call us at 513-838-2407 or contact us online. Visit our testimonials page to see what our clients have to say about working with Goering & Goering, LLC.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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