Tuesday, October 1, 2013

Can Bankruptcy Help Me With Back Taxes?

Can Bankruptcy Help Me With Back Taxes In Georgia?

It is a common myth that bankruptcy can’t eliminate the taxes you owe when, in fact, the Bankruptcy Code provides most residents of Georgia with some form of income tax relief. The extent of your tax relief will depend on the nature of the tax liability and the type of bankruptcy filing.

Determining if Bankruptcy can Discharge Your Tax Debt
There are some instances where you may able to have your tax debt discharged. At King and King, we can meet with you and help determine whether your tax debts can be discharged through Chapter 7 bankruptcy, Chapter 13 bankruptcy or Chapter 11 bankruptcy. Your Tax debt may be eligible for discharge if:
  • Your tax debt is not tied to a fraudulent tax return
  • You have not been charged with tax evasion
  • Your unpaid taxes are from an income tax return that is at least three years old
  • Your tax debt is related a to a return filed at least two years ago
  • Your unpaid taxes may also lead the IRS to assess you monetary penalties. 
Our experienced tax attorneys can review your situation to see if it is possible to reduce or eliminate your outstanding penalties related to unpaid taxes.

If you or a loved one is considering filing for bankruptcy and need help with the tax implications, contact King and King at 404-524-6400 for a free initial consultation.