Eliminate Tax Debt
One of the myths that surrounds bankruptcy is that tax debt cannot be discharged in bankruptcy. While not all tax debt can be discharged in bankruptcy, many types of tax debts can either be completely discharged in bankruptcy, be reduced or paid back through a chapter 13 plan over the course of three to five years.
In general tax debt that is more than three years old can be discharged in bankruptcy as long as the tax returns were actually filed. This is a very complicated area of the law. Determining which tax debts are dischargeable in bankruptcy requires the knowledge of an experienced bankruptcy attorney.
Additionally tax liens on the debtor’s principal residence can be avoided in a chapter 13 bankruptcy if the value of the residence is less than the amount of the second mortgage. Bankruptcy can offer welcome relief from tax debt that can be the source of tremendous stress.
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