Taxes are not usually dischargeable in Port Huron bankruptcy.
Remember though, almost every rule has an exception. Filing for bankruptcy may allow you to get interested, back taxes, and fines. You do have to fulfill the IRS’s standards for tax remission for unpaid back taxes. Let one of the legal professionals at Kostopoulos & Associates help you in dealing with IRS tax debt forgiveness.
There are three qualifications you need to meet in order to receive IRS tax forgiveness to have your debt forgiven:
- Tax debts must be reviewed by the IRS at least 240 days before filing for bankruptcy.
- You need tax returns regarding the debt to be on file for at least two years.
- The debt forgiveness tax you owe the IRS needs to be over three years old.
You might be able to file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy if you meet these requirements. This will make your creditors stop any collection attempts. Within 90 days of your lawsuit filing, debt should be forgiven. Once obligations have been dismissed, the IRS tax forgiveness program can pursue collection.
With the automatic stay in effect, you’ll set up a repayment plan for any debts that are not dismissed. With Chapter 13 bankruptcy, you’ll restructure your debt obligation and be able to repay them in smaller installments. You may also have some of your debts dismissed with Chapter 13 bankruptcy.
Contact Detroit Bankruptcy Law to schedule a free consultation with one of our expert attorneys!
At Detroit Bankruptcy Law, we represent all of Southeast Michigan. Using our decades of expertise and board certifications, we can help you find the best road toward financial freedom. We are 100% dedicated to solving your case. We can help with things like wage garnishment, resolving existing tax liens, and even payroll tax deferral forgiveness. Get in touch to discuss tax forgiveness and we’ll explain your options.