Using Bankruptcy to Eliminate Tax Debts
In some circumstances, it is possible to eliminate some IRS and state tax debts through bankruptcy. However, filing at the wrong time could cost you a bundle in the long run. A knowledgeable bankruptcy attorney can help you make the right decision — one that maximizes your tax relief.
Our attorneys have been helping people in Southern Illinois obtain debt relief since 1992. Our attorneys are thoroughly familiar with the bankruptcy code and take every opportunity to help our clients obtain maximum debt relief.
Contact us to schedule a free consultation. An attorney at our firm can review your situation and discuss your bankruptcy options.
What Tax Debts Can Be Discharged?
You can discharge debts under Chapter 7 and Chapter 13 if:
- The taxes owed are at least three years old.
- You filed returns for those taxes at least two years ago.
- The tax assessment was made 240 days ago or longer.
- You did not engage in fraud or tax evasion.
Our attorneys have helped many people reduce or eliminate their tax debts. We understand the complex rules that are in place and can provide guidance regarding what you should do to maximize your tax debt relief.
When we file bankruptcy for you, penalties and interest charges on IRS tax debts stop accumulating. You can get the breathing room you need to rebuild your financial life.
The attorneys at Bankruptcy Clinic, PC are experienced and knowledgeable in bankruptcy and debt reductions matters. Take the first step toward a fresh start by calling us toll free at 888-522-6578.
Debts that are discharged under bankruptcy are not taxable, while the debt reduction you achieve through debt management programs are taxable. There are many other advantages in using bankruptcy as a debt reduction tool. You can learn more in a free consultation with the Bankruptcy Clinic, PC.
Free Consultation With a Lawyer
For a free consultation with the Bankruptcy Clinic, PC about eliminating tax debts, call 888-522-6578 toll free or contact us online. We have offices in Carbondale, Marion and Mt. Vernon, Illinois, to serve you. Evening and weekend appointments are available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.