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Tax Debt and Bankruptcy

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Are you struggling to pay your taxes to the Internal Revenue Service (IRS)? In most situations, tax debt can be discharged through bankruptcy, provided that certain conditions are met. If you are concerned about the problems caused by unpaid taxes, you can put an end to your financial worries.

Get help from our Indianapolis bankruptcy lawyers at Jackson & Oglesby Law LLC today! We can help clarify whether your tax debt can be discharged and assist you through bankruptcy. Our firm can help you obtain debt relief through either Chapter 7 or Chapter 13.

Determining if Your Tax Debt is Dischargeable

The IRS will consider many factors to figure out if your tax debt can be discharged through Chapter 13 bankruptcy.

By answering the following questions, you can develop a good sense of whether your tax debt can be discharged:

  • How recent is the debt?
  • When were your tax returns filed / assessed?
  • Did you knowingly evade filing / paying taxes?
  • Has a lien been placed on your property?

Tax debt is most likely dischargeable if accrued more than three years ago. Debts that are obtained within the past three years are priority debts and are not dischargeable. In order to qualify, your tax returns must have been filed more than two years ago. Debts assessed within the last 240 days cannot be discharged. Debt is also not dischargeable after involvement in tax fraud or by having a tax lien placed against your property.

Legal Guidance by a Indianapolis Bankruptcy Lawyer

Many factors should be considered regarding the complex tax laws pertaining to your matter. Our attorneys can consider your situation and advise you as to which chapter of bankruptcy to file. We can also help maximize your opportunity for tax debt relief. If you file under Chapter 13 restructuring bankruptcy, you can pay a percentage of the tax debt through the repayment plan. By paying taxes through Chapter 13, penalties are treated as non-priority and interest is not assessed, but the result is substantial money savings.

We advise that you request a letter from the IRS stating your eligibility for discharging tax debt through bankruptcy. Your next step should be to take advantage of our free bankruptcy evaluation at Jackson & Oglesby Law LLC in which we give honest and personal assessments.

Our firm can also provide you with advice on other bankruptcy issues that may be a concern because we provide comprehensive representation. As a debt relief agency, we can help you solve your tax debt issue.

Please feel free to contact our firm if you are ready to learn more about gaining control of your finances and eliminating tax debt.

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