Taxes are not usually dischargeable in bankruptcy.
There is a way around this, though. Filing for bankruptcy Hazel Park can get you your back taxes, interest, and fines back. You have to meet the specific guidelines set out by the IRS in order to qualify for this tax forgiveness. They can be confusing, but the experts at Kostopoulos Associates are here to help you understand if you qualify.
Getting tax debt discharged due to IRS tax forgiveness Hazel Park requires these three things:
- Tax debts need to be reviewed by the IRS at least 240 days before filing for bankruptcy.
- Your tax returns regarding the debt must be on file for at least two years.
- The debt forgiveness tax you owe the IRS must be at least three years old.
If you do qualify for those standards then you are able to file Chapter 7, Chapter 11, or Chapter 13 bankruptcy and have your IRS tax debt forgiven. An automatic stay is enacted once you file for bankruptcy that stops any creditors from collecting on any of your debts. There is a good chance that within 90 days of your lawsuit, your tax debt will be discharged. However, remember that the IRS tax forgiveness program can continue collection efforts once the bankruptcy period ends.
During the automatic stay, you will set up a payment plan to repay all debts not discharged. With Chapter 13 bankruptcy, you can consolidate your remaining debts into one plan to pay them off more simply. There is even a chance of Chapter 13 bankruptcy getting some of your debts dismissed.
Contact Detroit Bankruptcy Law to schedule a free consultation
Detroit Bankruptcy Law serves clients all over Southeast Michigan. With our wide range of experience, we can help you out of all sorts of financial problems. We can figure out solutions to issues like wage garnishment and tax liens. Get in touch today and we’ll schedule a free consultation for you to get started on getting your tax debt forgiven.