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Bankruptcy and Tax Debt
Can I Discharge Tax Debt with Bankruptcy?
Filing Bankruptcy is an alternative to an Offer In Compromise agreement. Taxpayers should carefully consider all options when deciding how to deal with tax debt. Consider the following if you are thinking about dealing with Tax Debt in Bankruptcy:
- The Pros:
- Bankruptcy is often your best chance to resolve seriously delinquent tax debts that meet specific requirements. This is primarily due to the fact that if the requirements are met then the taxes are simply discharged in the bankruptcy.
- Tax Claims
- Interest on the discharged taxes is also discharged
- Tax Penalties are not considered priority claims in bankruptcy
- The Cons:
- If the five requirements are not met then the taxes must be paid in full
- The taxes may be required to be included in the bankruptcy
Filing Bankruptcy is not a viable option for many taxpayers, if you need to discuss your tax situation please fill out our Free evaluation.
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