taxes, fines and government penalties in bankruptcy filing
Date: Wed, 11/09/2005 - 16:13
If you have a debt on federal taxes, it cannot be discharged in
If you have a debt on federal taxes, it cannot be discharged in bankruptcy. You can only do it if you have been paying the taxes without penalty three years prior to filing. Besides, there are some other tests also in order to make these debts dischargeable.
In general terms, recent tax debts cannot be discharged in bankruptcy but if they are, you will have to repay it later through chapter 13 bankruptcy.
You would probably be better off engaging an attorney to negotia
You would probably be better off engaging an attorney to negotiate a settlement with the IRS for you. The IRS will often settle for a small portion of the amount owed.
Good Luck!
Marc, governemnt owed debts also stay on your credit report for
Marc, governemnt owed debts also stay on your credit report for life! Especially if you have a judgment. I once attempted to collect a $40,000 defaulted student loan from this battle ax Florida lawyer who thought she was untouchable. I saw her credit report and had the last laugh. She paid for nothing in life! Cars, credit cards, cell phones, satellite dishes, and to top it all off, five IRS judgments against her. I thought to myself, either she should be wallowing in a 6x8 cell at Club Fed, or her accountant should be tarred, fathered, wrapped in a flag, boxed up and shipped to Iran.
