Discharging your tax debt through bankruptcy is starting to look like a good idea...
Reality Check: Sorry, but it's nearly impossible to have your debt qualify to be discharged with bankruptcy.
Even if you do, it's not the best choice for you.
Yes, you can discharge tax debt with Bankruptcy, but you have to meet the following Three IRS Bankruptcy Requirements before you debt can be discharged.
1. Three-Year Rule: If your tax debt is older than three year, you're out! You won't be permitted to discharge the debt.
2. Interest and Penalties Continue: Your IRS account will be placed on hold. IRS collections will stop, but interest and penalties fees will continue to accrue on your account! Your debt will double or triple in size if it isn't discharged in the end!
3. You'll Owe For Years: The IRS extends the statute of limitations when you try to discharge your Tax Debt through Bankruptcy. This means by the end, you'll owe more and the IRS will have more time to collect the additional funds!
There's still hope. Bankruptcy isn't a good option for discharging your tax debt, plain and simple. However, the IRS offers plenty of alternative plans that will help you strike back against the IRS without negative affects, like extending the statute of limitations on your Tax Debt!
I highly recommend working with a professional to find the right plan for you. If you need help, feel free fill out the form on the right/give me a call at 1-888-415-1337 and we'll find the right plan for you!
3 comments:
I don't often comment on tax blogs, but thanks a lot for dispelling rumors that bankruptcy is an option for alleviating irs tax debt. It's not! People think they can get rid of all their debts, like it's a "Get Out of Jail Free" card.
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