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CHAPTER 7 BANKRUPTCY

Chapter 7 provides for full discharge of allowable tax debts. Chapter 13 provides a payment plan to repay some debts, with the remainder of debts discharged. Under the new bankruptcy laws, tax debts are treated the same way in both Chapter 7 and Chapter 13 petitions. Not all debts are dischargeable in bankruptcy. For example, payroll taxes are not dischargeable. If the income tax debt meets all five of the following rules, then the tax debt is dischargeable in Chapter 7 and Chapter 13 Bankruptcy:

• The due date for filing a return is at least three years ago. The due date includes extensions.
• The tax return was filed at least two years ago. This is the date the return was assessed not the date filed.
• The tax assessed is at least 240 days old. The IRS assessment may arise from a filed return, an amended return, an IRS audit or other IRS change in the balance due.
• The return was not fraudulent
• The taxpayer is not guilty of tax evasion.

We generally refer our clients to a bankruptcy attorney for a consultation of discharging their taxes in a bankruptcy. Then we compare the pros and cons of all the options. We do not proceed with a settlement until our client has said no to all the other options.

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