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.
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.
