Well, since it is tax time I thought a timely topic to talk about would be discharging taxes in a Bankruptcy. Certain types of tax obligations, such as income taxes, may be discharged under specific circumstances. Many required factors must be met before any tax can be discharged under Chapter 7 or Chapter 13. In Chapter 7, the minimum requirements for discharging federal or state income taxes are:
(1) It has been over 3 years since the returns were last DUE (including extensions),
(2) The returns were timely filed or it has been at least 2 years since the returns were filed,
(3) There was no fraud involved or attempts to evade the tax, AND,
(4) The taxes were not assessed within the last 240 days.
Again, discharging taxes is an extremely complicated area, and you should definitely consult with an attorney before deciding whether to file based on dischargeability of your taxes.
Tax Liens that have attached to property will survive a bankruptcy. What does that mean? It means that the lien will stay against your property regardless of your discharge of the underlying debt. So, when you ultimately sell that property, if there is extra money available, the lien will be paid first from those proceeds unless you have the lien removed.
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Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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