IRS Income Taxes

Many people assume that income taxes cannot be discharged in bankruptcy. While this can be a complex process, many individual taxes can actually be discharged or strategically repaid. Our attorneys have the experience and legal understanding to help you approach this in a well-planned manner that best protects your interests and minimizes the effects of any potential tax liens.

Tax Issues Related To Bankruptcy

For some people, a significant portion of their debt comes from unpaid taxes. This type of debt is much more complicated to deal with than most forms of unsecured debt, and it is important that you have skilled guidance in handling it.

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Discharging Income Taxes In Chapter 7

In order to eliminate income taxes to the IRS under Chapter 7, the initial requirement is that tax debt be at least three years old from the due date of the return. For example, you can probably eliminate the federal income taxes owed for years 2009 and before if you file bankruptcy in 2013 and after the date of the original due date of the return. Although this is a simplification and there are a number of other qualifications you must meet to eliminate IRS debts, we can represent you from beginning to end.

Discharging Income Taxes In Chapter 13

Taxes that are dischargeable in Chapter 7 are also dischargeable in Chapter 13 bankruptcy.

Additionally, Chapter 13 allows you to repay any nondischargeable, unsecured taxes over a period of up to five years without interest or penalty. It will also stop any collection efforts or attempts to place a lien on your assets.

We will craft a plan that pays just enough of the taxes that are secured by a tax lien to protect your property. We will take everything into consideration to protect your property, such as tax liens and dischargeability of a tax, to afford you everything you are entitled to under the bankruptcy laws.

Minimize Your Tax Concerns — Tax Issues Associated With Bankruptcy

At The Law Offices of Philip F. Counce, our experienced attorneys understand the approaches and tactics that can be used here to deal with the tax debt and any possible associated liens. We proceed strategically, providing solutions that are tailored to the client's circumstances.

To schedule a free consultation with bankruptcy lawyers near you to discuss your tax situation and how we can help, please contact an experienced bankruptcy lawyer in Memphis at 901-201-6012 or toll free at 866-923-1788.

Alternative Options – Offers In Compromise And Installment Agreements

When only part of the tax debt is dischargeable, one possible approach is to file Chapter 7 and wipe out as much income tax debt as possible. Then the remaining balance can be handled by either an Offer in Compromise or installment agreement. Repayment under Chapter 13 is also possible while protected by the automatic stay.

Contact Us Today

Need help? Call now to learn about what options are available to you in your particular financial situation. Contact our law firm today online or call 901-201-6012 to schedule a FREE CONFIDENTIAL CONSULTATION.

Unlike many firms you will always discuss your financial situation with an attorney, not a paralegal or assistant.

We are a Title 11 Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code. This ad does not create an attorney-client relationship until a written agreement is signed.