Like credit card debt and car loans, back taxes can be a serious financial burden. Yet in some cases, it is possible to find relief from your taxes through bankruptcy.
The process boils down to 5 rules.
The first two are simple: the tax debt attempting to be discharged must be from a non-fraudulent return, and the debtor must not be willfully trying to evade their taxes. These rules weed out those who want to file bankruptcy as a way to avoid paying their taxes.
The other rules further limit which taxes can be discharged. The tax debt must be over 3 years old and filed at least 2 years before the bankruptcy. The IRS also must not have assessed, or reviewed, the tax return at least 240 days before the bankruptcy was filed.
If you have questions about discharging your tax debt through bankruptcy or would like to ask about your specific situation, please call bankruptcy attorney Rick Morin at (916) 333-2222.
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