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TAX ASPECTS OF BANKRUPTCY

There are serious considerations that must be evaluated before doing a bankruptcy to discharge Federal or State income taxes. Here is a checklist to consider:

• Are you aware of how filing a bankruptcy will affect your credit?
• If you have other non-tax debt such as medical bills, credit card debt or a judgment against you that requires you to file bankruptcy, consider also discharging your tax debts as well. However, there is a waiting period before taxes are dischargeable under Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
• Are you aware that tax liens are not dischargeable in a bankruptcy? See section titled tax lien properties
• Have you first considered just paying the tax owed or making monthly payments?
• Do you qualify for an IRS currently not collectible status?
• Will the IRS statute of limitations to collect the tax debt soon expire?
• What will the IRS take in an Offer in Compromise?
• Is the amount owed after abating IRS penalties enough to justify filing a bankruptcy?

Many clients, who think that bankruptcy is their only option, find out that there are other choices that provide them IRS tax relief without all of the negatives associated with filing a bankruptcy.

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