Can Bankruptcy Help Me With 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. 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.

Can Bankruptcy Wipe Out Tax Debt in Georgia?

Good news: bankruptcy can wipe out many tax debts. Both federal and state income taxes can be addressed in bankruptcy if specific conditions are met.

At King and King, we work with our clients to make sure that any possible debts that are eligible for discharge, including back taxes, are considered as part of their bankruptcy proceedings.

Eliminating Tax Debt Through Bankruptcy

If you have tax debt, we will determine whether that debt is eligible to be wiped out (discharged) as part of your bankruptcy. By learning how old the debt is, whether you have filed a tax return for the debt and other basic information, we will be able to determine what options are available to you. Handling taxes in a bankruptcy case is complex, so make sure you’re working with a bankruptcy attorney that can protect your interests.

The next step is to speak to one of our experienced attorneys to find out if bankruptcy can help you with your tax debt. Call King and King for a free consultation today at 404-524-6400 or visit us online at www.kingandkingattorneys.com for more information. 

Can I Use My Tax Return To File Bankruptcy in Georgia?

The answer is yes, and you’re not alone. According to recent research submitted to the National Bureau of Economic Research, approximately 200,000 Americans will use their tax refunds to pay for bankruptcy filing this year.  For many Georgians who have seen their debt go out of control due to events like job loss, foreclosure, or medical emergencies, filing bankruptcy is an excellent way to get a fresh start. 

A common question is: should you file your taxes before you file for bankruptcy? In most cases if you are expecting a refund the answer is yes.

Bankruptcy can be a complicated process; the experienced attorneys at King and King are available to answer questions about your unique situation during your free bankruptcy consultation. Your attorney will also help you decide if you should file Chapter 7 bankruptcy or Chapter 13 bankruptcy, and how best to protect your assets.

If you’re ready to get your financial future under control, call King and King at 404-524-6400 for a free consultation today or visit us at www.kingandkingattorneys.com for more information.

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. 

Are Tax Penalties Dischargeable in Bankruptcy?

Are Tax Penalties Dischargeable in Bankruptcy?

King and King attorneys, 12/19/12

The government wants their tax revenue, and if you've ever been in debt to them you know how far they will go to get it.  Back taxes can be a large burden, especially with interest and penalties.  You can use bankruptcy to take care of debts to the IRS.

In general, outstanding tax debt that is less than 3 years old is not nondischargeable, as are tax debts where the debtor has engaged in some sort of deception such as failure to file returns, attempting to evade taxes, and failing to withhold employee taxes.

Now the IRS has some very detailed documentation on how bankruptcy can discharge tax debt. If you want to have a closer look, the IRS details can be found here.  However the short answer is that you can use a chapter 13 bankruptcy to discharge your tax debt.  If you have non-dischargeable tax debts, then you can use a chapter 13 bankruptcy to payoff your taxes.  A chapter 13 bankruptcy allows you to payoff your taxes over 5 years.

If you’re considering filing bankruptcy and you want to include tax debt, you need an experienced bankruptcy attorney on your side. Call King and King for a free consultation at 404-524-6400 

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Can Filing Bankruptcy Dismiss Back Taxes?

Can Filing Bankruptcy Dismiss Back Taxes?

Taxes and Bankruptcy - 

Usually people associate bankruptcy with credit card, loan, or mortgage debt not knowing or realizing bankruptcy can also be used to eliminate liability for unpaid taxes.

The U. S. Bankruptcy Code permits discharge of certain back taxes, but several conditions do apply. Generally most business taxes are not dischargeable. People who qualify for tax discharge typically do so by filing either a Chapter 7 or Chapter 13 bankruptcy.  It is best to consult with an experienced professional to assess your unique situation. A qualified bankruptcy attorney can help determine whether you are eligible to obtain an IRS tax relief through bankruptcy.

Call King and King bankruptcy attorneys for a free consultation today. 404-524-6400

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