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Bankruptcy For Tax Debts

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Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems. IRS Tax Bankruptcy Plano

Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first.  Also, many bankruptcy attorneys do not understand the tax implications related to a bankruptcy.  Some of the tax aspects that need to be considered are: IRS Tax Bankruptcy Allen, TX

  • When were taxes assessed and when did you file your tax returns? IRS Tax Bankruptcy DFW
  • What prior year tax issues carry forward, such as capital losses, suspend real estate losses, net operating losses and numerous others? IRS Tax Bankruptcy Dallas
  • Are you, your spouse or both of you liable for the tax debts? IRS Tax Bankruptcy McKinney, TX
  • Did you do anything to delay the IRS's ability to collect taxes, such as apply for an offer-in-compromise, installment agreement, appeal collections efforts, and a variety of other actions?
  • When does the time expire for the IRS to collect the tax debts?
  • What date should you target your bankruptcy filing date? IRS Tax Bankruptcy Frisco
  • How will the bankruptcy impact your current year and future year tax returns?
  • What type of bankruptcy, such as Chapter 7 or Chapter 13? IRS Tax Bankruptcy Richardson, TX

If these and numerous other criteria are not taken into consideration, your bankruptcy might not meet the rules and the IRS will still be in hot pursuit after your bankruptcy is over.  We can help by performing a proper pre-bankruptcy planning evaluation to determining if bankruptcy is or can be a viable solution.

Let us help you determine if Bankruptcy is a viable solution for you by completing the Consultation form on the bottom of this page.

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