If You Owe Back Taxes, Bankruptcy May Be the Solution You’ve Been Looking For
A lot can happen in a few years.
You can start a new job, buy a house, lease a vehicle or have a child. You can also receive a pay cut, accrue credit card debt or lose your job entirely. Whatever life throws at you, all you can hope is that you overcome each obstacle intact. And sometimes that means doing things you never thought you’d have to do. Including filing bankruptcy.
When you heard you owed back taxes the last time you filed, you either made an agreement with the IRS that required you to pay a certain amount each month, or you assured them that you would be able to pay the entire debt in full by x date. Whatever the situation, you never imagined that you wouldn’t be able to pay the balance at all.
But that’s life—whether you lost your job, took on too much debt too soon or something else happened that changed your plans, and you find yourself unable to live up to your obligations, you feel defeated. But that doesn’t mean you don’t have options.
Through Bankruptcy you CAN have your back tax debt removed entirely, IF you meet all five of the following criteria:
1. The due date for filing was at least three years prior to the bankruptcy filing
2. The tax return was filed at least two years prior to the bankruptcy filing
3. The tax must be assessed at least 240 days prior to the bankruptcy filing
4. The tax return is in no way fraudulent
5. The taxpayer is not guilty of tax evasion
If you fit all five of the above criteria, filing bankruptcy may be just what you need to clear your tax debt and start all over again.
To see how we can help you achieve a clean slate, visit http://www.irsallstar.com/our-services#2