Friday, August 5, 2011

Top 10 Reasons For Filing Bankruptcy - #7

Taxes more than 3 years old. Filing bankruptcy is usually about becoming current on secured obligations while discharging dischargeable debts in a Chapter 13, to surrendering, redeeming, or reaffirming secured debts while discharging unsecured debts in a Chapter 7. So, the obvious question is, what is dischargeable?

Normally, moneys due to a governmental agency, such as taxes, are still owed after your bankruptcy is over, or discharged. However, generally, if personal tax returns were properly and timely filed, but the taxes were not paid, and no provision was agreed to with the IRS for the payment of these taxes subsequent to the tax return being filed, then those taxes which became due at least 3 years prior to filing may be dischargeable through bankruptcy. In some cases, even though the debtor does not owe a significant amount of other debt, could amount to the reason for need to file. As stated, this is generally applicable, and if you think this might apply to you, you should seek the advise of a local bankruptcy attorney in your area.


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