Discharging Tax Debts in Your Mississippi Bankruptcy
The IRS usually gets its money, sooner or later. However, some back taxes can be forgiven in bankruptcy if the right criteria are met. This is one way a knowledgeable bankruptcy lawyer can make a big difference in your debt relief and financial picture.
At the DeSoto County Law Office of Giles W. King in Southaven, Mississippi, I handle all facets of consumer bankruptcy. My experience and thorough approach has helped hundreds of clients in Tennessee and Mississippi take advantage of bankruptcy when other options are exhausted.
To discuss your taxes and other dischargeable debt in a free initial consultation, call my suburban Memphis office at 662-298-4597 or 888-549-3902 or contact me online.
Southaven Taxes and Bankruptcy Attorney
As a general rule, you cannot discharge income taxes, property taxes or other tax obligations in bankruptcy, especially recent assessments. That said, back taxes may be dischargeable if:
- The tax arrears are at least three years old
- Those tax returns were filed on time
- You did not receive filing extensions for those years
There are other criteria to be met as well. I know how to gauge your eligibility and gather the proof to discharge tax debts through a Chapter 7 bankruptcy.
Even if your taxes cannot be dismissed outright, there is still relief available through bankruptcy. First of all, eliminating unsecured debts in a Chapter 7 may allow to catch up on your tax obligations. Secondly, a Chapter 13 bankruptcy allows you to pay your IRS debt over several years without further interest or penalties. Lastly, bankruptcy prevents IRS tax liens against your property or bank accounts.
Southaven and Olive Branch IRS Debt Attorney
Bankruptcy represents a fresh start, but it should never be your first option. To explore all your options with an experienced debt relief attorney, contact me about bankruptcy today to schedule a free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
