Get Rid of Tax Debt with Bankruptcy
As a bankruptcy attorney in Memphis, TN, I deal with people’s tax debt all the time. It’s a common concern for many Americans and can cause a lot of people to feel stressed when tax season comes around. With that in mind, I made this video to help you understand your options. If you need to get rid of tax debt you can’t pay, give me a call at 901-327-2100. We’re here to help.
Video Transcript:
A lot of times clients ask me, “Are my taxes dischargeable in bankruptcy?” In other words, “I have taxes I can’t pay. Can I get rid of those in bankruptcy?”
The answer to that question is: it depends. It depends on whether the taxes are at least three years old, whether the taxes are simple 1040-type taxes, and whether the returns were filed on time.
If all those things are true, then most likely they can be discharged in bankruptcy. But whether those things are true or not, there are a lot of things that bankruptcy can do to help you with your taxes.
You can get the IRS off your back in bankruptcy. You can keep the IRS from taking your wages, taking your assets, seizing your property. All those things the IRS can do without notice to you – they just do them – unlike other creditors. So it’s very important that you be protected. In Chapter 13, you can include your taxes past due, no matter how far back they are. And you can repay them over a longer period of time and with a payment you can afford.
So it’s very important that you call us about these things so that we can check and let you know exactly where you stand with the IRS. You call me, folks, for a free appointment. You’ll be glad you did.