Taxes are not generally dischargeable in bankruptcy Port Huron.
Like almost any rule though, there is an exception. When you file for bankruptcy Port Huron, there is a chance you can recover back taxes, fines, and interest. You need to fulfill IRS standards for tax remission on unpaid back taxes. Let one of the professionals at Kostopoulos & Associates help you form a plan for dealing with IRS tax debt forgiveness.
In order to receive IRS tax forgiveness Port Huron and have your tax debt discharged, you need to meet these three qualifications:
- Tax debts must be reviewed by the IRS for 240 days at the least before filing for bankruptcy.
- Your tax returns involving the debt must be on file for more than two years.
- The debt forgiveness tax you owe the IRS has to be at least three years old.
If you meet these standards, you could possibly file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy. This would put a stop to any creditors trying to make collections on your debt. Most often, your debt will be forgiven within only 90 days after filing the lawsuit. Once your obligations have been dismissed, the IRS tax forgiveness program can start to collect again.
When the automatic stay is in place, you’ll be able to come up with a repayment plan for debts that won’t be dismissed. In Chapter 13 bankruptcy, you can consolidate your obligations into one debt and break down payments to creditors in smaller installments. Also with Chapter 13 bankruptcy, you may have some of your debts dismissed.
Contact Detroit Bankruptcy Law to schedule a free consultation Port Huron
We at Detroit Bankruptcy Law represent Southeast Michigan. Using our years of expertise and board certifications, we’ll help you figure out the best way to regain your financial freedom. We will stop at nothing to help you resolve your financial issues. We can help with things like payroll tax deferral forgiveness, and also resolving wage garnishments and current tax liens. If you’re wondering what options you have for tax debt forgiveness, get in touch with us and we’ll explain them to you.