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Posts Tagged ‘bankruptcy and taxes’

Pros and Cons Of Filling For IRS Bankruptcy

July 03, 2015  |   Tax Tips   |   Tags: , , ,  

Bankruptcy should be the last resort, for those who are in financial straits. Before filing for bankruptcy, you must know its pros and cons. Pros and ...

Bankruptcy and Tax Debt

April 24, 2015  |   Tax Tips   |   Tags: , ,  

If you are in a bankruptcy and have a tax debt, you can have your debt discharged under Chapter 7 and Chapter 13 of the bankruptcy code. Income tax debts, however, cannot typically be discharged under Chapter 13. For the discharging of a tax debt, Chapter 7 is often preferred over Chapter 13. Chapter 7 allows full discharge of allowable debts whereas Chapter 13 offers the opportunity to ...