Even Taxes Can Qualify for Chapter 7 Bankruptcy Discharge
January 30, 2015
This Macomb County Bankruptcy Lawyer May Have Good News for You
No one wants to do anything to attract the attention of the IRS. But as life throws a lost job, emergency medical bills or other curve balls at us, the money may simply not be available to pay all taxes we owe. We all know that we cannot eliminate back tax debt in Chapter 7 bankruptcy, right? Actually, this is not necessarily true. Just recently, Jeff Randa delighted a client by eliminating a large portion of back taxes that he thought he would face for many years to come.
As interest and penalty charges continue to mount, this may be the largest portion of debt you owe, so be sure you mention back taxes when you talk to the bankruptcy law office of Jeffrey J. Randa. He knows when you can eliminate back taxes in bankruptcy, and he makes sure you take advantage of all options that will provide the debt relief you need for a fresh start.
We Know the Tax Code So You Don’t Have To
Without a doubt, the U.S. Courts look at your tax returns when you file for Chapter 7. Even though the general rule states you cannot eliminate unpaid taxes in bankruptcy, it is actually possible to find exceptions to the rule somewhere in over 70,000 pages of the tax code.
The exceptions involve complex issues of timing, such as when tax returns are due, when they are filed and when the IRS assesses the taxes. You cannot be expected to know the laws, much less how to apply them to get the best possible results from a Chapter 7 bankruptcy filing.
Still, we have good news. With over two decades of experience addressing any type of Chapter 7 bankruptcy issue imaginable, Jeff knows how it all works. More importantly, he knows how to successfully apply the exceptions to your real-life situation and get the information necessary to see if your past due taxes can be eliminated.
The More We Know, the More We Can Help
The tax laws are complex and confusing to most of us. The real take-away from this discussion is that you should never assume you cannot eliminate any type of debt in bankruptcy. If you owe money, Jeff wants to know about it, and if you do not mention all possible areas of debt, chances are he will ask.
The bottom line is that, in Chapter 7 bankruptcy, things that may seem impossible to you may very well be possible. Even if you think you do not qualify for a discharge of outstanding tax debt, there may be a chance that you may not recognize your full options under the Chapter 7 bankruptcy code.
When you come to the Law Offices of Jeffrey J. Randa, you gain the benefit of an entire team of people who are dedicated to setting you on the road to financial freedom. We encourage our clients to engage in frank financial discussions, and our questions help guide you to include items you may not have considered. The first step is a free initial phone consultation. Call us today at 586-228-6523, or use our convenient contact form to set the process in motion.