Some Tax Debts Can Be Forgiven in Bankruptcy
If you have tax debts, you may be able to obtain relief by filing bankruptcy. While not all tax debts can be forgiven, you may have a lot to gain by talking to a bankruptcy lawyer.
At the law firm of Michael M. Malinowski PLC in Grand Rapids, Michigan, I offer a free initial consultation to answer your questions about tax debts and bankruptcy. I am a lawyer with 25 years of experience representing taxpayers in western Michigan.
What Tax Debts Can Be Forgiven?
In many cases, income taxes that are more than three years old can be discharged by filing Chapter 7 or Chapter 13 bankruptcy. There are some limitations. For example, you must have filed your income tax for the year the debt is owed.
It is important to review your personal tax debts with an experienced attorney to find out what forms of relief are available to you. Even if the tax cannot be forgiven, you can save penalties and interest by putting the tax debt into a Chapter 13 repayment plan. Taxes are a priority debt, which means that they would be paid ahead of credit card bills and other types of consumer debt.
While tax debts must be repaid in full in a Chapter 13 repayment plan, you may only be required to repay a small percentage of your credit card debt.
Free Bankruptcy Attorney Consultation
You don't have to live with the stress that tax debt can cause. For a free consultation about your options, call me, lawyer Mike Malinowski, at 888-339-6017 or fill out our contact form on this Web site. My law office is in Grand Rapids, Michigan.
