Can Tax Debt be discharged in Bankruptcy

Can Tax Debt be discharged in Bankruptcy


♪ Bymaster Bankruptcy makes it easy to file bankruptcy ♪ So John, now that I have you here, I want to get a straight answer. Can you discharge income debt in bankruptcy? Yes Natalie, you can discharge income tax debt in bankruptcy. Now the general rule for discharging debt, such as debts from the IRS or from the Indiana department of revenue is that they must be three years old the year that you are filing on. So if it’s three calendar years old, there is a chance that you can discharge that debt but there are also a couple other rules that you need to think about when your planning. Number one, those tax returns have to be filed at least two years before you file bankruptcy and you have to do it yourself or the IRS files it for you, it may not count and the debts may not be discharged. Number two, no newly assessed tax debt can be made within two hundred and forty days before the bankruptcy chase is filed. And Natalie there are some other rules and nuances to this, so it’s very important that you either have somebody come and talk to me or possibly a professional account before they try and discharge some tax debt in bankruptcy. ♪ Bymaster Bankruptcy has everything ♪

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  1. Indianapolis Bankruptcy Attorney John Bymaster explains when tax debt can be discharged in bankruptcy. If you have more questions about tax debt, give our office a call – 317-769-2244.

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