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. The bankruptcy attorneys at King & King can answer any questions you may have.
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, or Chapter13 bankruptcy. Your Tax debt may be eligible for
discharge if:
1. Your tax debt is not tied to a fraudulent tax return
2. You have not been charged with tax evasion
3. Your unpaid taxes are from an income tax return that is at
least three years old
4. Your tax debt is related a to a return filed at least two
years ago
5. 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.
