Discharging tax debts in bankruptcy can be a fantastic solution for ridding yourself of your IRS Problem. There are very intricate and time sensitive calculations that must be made before determining whether or not it is a complete solution for an IRS problem or not. Something like 90% of all bankruptcy lawyers do not even know that taxes can be discharged in bankruptcy, so it is very important that you obtain the assistance of highly seasoned professional to determine whether or not the time frames in your particular case have been met to obtain your discharge.
In short there are three timing factors which enter into play when considering a Chapter 7 bankruptcy.
- The first of the timing factors is that the returns most have been due, including extensions, for at least three years.
- The second factor is the returns, if filed late, must have been filed for at least two years.
- And the last factor is that the tax liability must have been assessed for at least 240 days.
There are variety of factors which enter into play, that can alter or change these time limitations periods. Watch the video for more information about whether or not bankruptcy might be a good solution for your IRS problem.