T is for Taxes

They say there are only 2 things guaranteed in life, death and taxes. So it’s no surprise that taxes are often part of a person’s debt problems. Like student loans, even if a bankruptcy can’t discharge taxes, it can still be part of the solution.

First off, bankruptcy can’t do anything for taxes that aren’t filed. So if you have unfiled taxes, you might as well file them. Without the filed taxes, we don’t know how much is owed and creating a solution becomes much more difficult.

Some taxes are never discharged, mainly 940/941 payroll taxes. For the dischargeable taxes, the taxes must have been filed and due for at least 3 years. If you think your taxes are old enough, we can look at your taxes and make an assessment.

Even if your taxes aren’t old enough, a Chapter 13 bankruptcy plan can give you a way to pay the taxes over a 3-5 year period. If the IRS is unwilling to work out a payment arrangement, the bankruptcy court can impose a repayment plan over the IRS’s objections. Generally, the Chapter 13 plan will allow you to pay off the non-dischargeable portions of your tax debt over 5 years at the default interest rate (currently around 2%).

For more T terms:
Transfers-Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Trustee-Bankruptcy Lawyer Jay S. Fleischman
Tension-San Mateo County Bankruptcy Lawyer Cathy Moran
Tax Refund-Cleveland Bankruptcy Attorney Bill Balena
Thirteen-Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Tools of the Trade-Colorado Springs Bankruptcy Lawyer Bob Doig
Tax Refunds-Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Tax Discharge-Allen Park, Michigan Bankruptcy Lawyer, Christopher McAvoy
Timeshares-Wisconsin Bankruptcy Lawyer, Bret Nason
Trustee – Livonia Michigan Bankruptcy Attorney, Peter Behrmann
Taking Social Security To Pay Student Loans – St. Clair Shores MI Bankruptcy Attorney Kurt OKeefe


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