Taxes are not usually dischargeable in bankruptcy.
We can help you find a way around this, though. Filing for Saginaw bankruptcy can possibly you get back your interest, fines, and back taxes. You do have to meet the IRS requirements in order to get tax forgiveness on unpaid back taxes. We have the expert staff at Kostopoulos Associates to help you understand the process.
To get IRS tax forgiveness Saginaw so you can get tax debt discharged, you need to meet three standards:
- 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 happen to meet these standards, then you’ll be able to file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy. If you’ve filed for bankruptcy, creditors cannot collect debts from you due to an automatic stay. It’s more than likely that within 90 days of filing your lawsuit, you’ll get your tax debt discharged. Once your bankruptcy period is over, the IRS tax forgiveness program will continue pursuing collections.
Due to the automatic stay, you can set up a payment plan for any debts that didn’t get dismissed. You can consolidate your debts into a manageable payment plan with Chapter 13 bankruptcy. Not only that, but you could also have debts dismissed with Chapter 13 bankruptcy.
Contact Detroit Bankruptcy Law to schedule a free consultation
Detroit Bankruptcy Law serves the entire Southeast Michigan region. With our wealth of experience, we will help you find out the best way back to financial freedom. We can solve your financial problems, like wage garnishments and tax liens. Give us a call now and we’ll tell you what choices you have to resolve tax debt.