Today’s Chapter 7 Bankruptcy blog post discusses whether you can discharge back taxes or late taxes in a Durham Chapter 7 Bankruptcy or a Greensboro Chapter 7 Bankruptcy. If you are considering filing bankruptcy and have any questions about how filing for bankruptcy might affect your tax liabilities, please feel free to contact one of our Durham Bankruptcy Attorneys or Greensboro Bankruptcy Attorneys. Our Durham Bankruptcy Lawyers and Greensboro Bankruptcy Lawyers will answer your questions free of charge.
A lot of people that are contemplating filing a Durham Chapter 7 Bankruptcy or Greensboro Chapter 7 Bankruptcy are concerned about whether back taxes or late taxes can be wiped out or discharged. The first thing you need to know about discharging or wiping out back taxes or late taxes is that you must have filed all of your tax returns. If you haven’t filed your tax return for 2007, but you owe taxes for 2007, then you cannot wipe out or discharge your back taxes for 2007.
Now on to how you determine whether you can discharge your back taxes or late taxes in a Durham Bankruptcy or Greensboro Bankruptcy. The first step in determining the answer is to calculate how long ago you filed your tax return. If you filed your tax return at least two years prior to filing your bankruptcy petition, then your back taxes or late taxes may be dischargeable in your Greensboro Bankruptcy or Durham Bankruptcy. The second step in determining the answer is to calculate how long ago the tax return related to your late taxes or back taxes became due. If your tax return was due to be filed at least three years prior to filing your bankruptcy petition, then your late taxes or back taxes may be dischargeable in your Durham Bankruptcy or Greensboro Bankruptcy. If you satisfy both steps in the process outlined above, then your back taxes and late taxes are dischargeable in your Chapter 7 Bankruptcy.
Contact one of our Durham Chapter 7 Bankruptcy Attorneys or Greensboro Chapter 7 Bankruptcy Attorneys for more answers to your questions about the effect a Chapter 7 Bankruptcy will have on your tax liabilities. You can reach our Durham Chapter 7 Bankruptcy Lawyers and Greensboro Chapter 7 Bankruptcy Lawyers by phone at (888) 820-5885 or email at info@kregerthacker.com.