Once you file for bankruptcy, the automatic stay will go into effect. This means that creditors, including the IRS, cannot continue to collect money from you. After the bankruptcy, the IRS can resume collection unless the debt has been paid in full or discharged.
Some tax debt can be discharged in bankruptcy. You can discharge wage-related income taxes that were due at least three years ago if you filed the related tax returns at least two years ago and the IRS assessment was at least 20 months ago. If you committed fraud or tried to evade paying your taxes, or if you did not file a return, filed late, or the IRS filed a substitute return for you, your taxes may not be eligible for discharge.
If your tax debt cannot be discharged, a chapter 13 bankruptcy plan can help you pay it back over time. Even if you can’t get out of your tax debt, bankruptcy can help you get it under control and behind you.
Michael A. Cibik, Esquire
Michael A. Cibik is a partner at the Philadelphia bankruptcy law firm of Cibik & Cataldo, P.C. He is one of the few bankruptcy attorneys in the Philadelphia area certified by the American Bankruptcy Board.
If you or someone you know is having financial problems, stop worrying and call Michael at (215) 735-1060 for a free consultation.
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