I have never filed bankruptcy, but owe bookoo bucks on both, does filing chapter 13 include those debts?
2007-06-21 12:07:38 · 9 answers · asked by MARY L 5 in Business & Finance ➔ Taxes ➔ United States
No, some things are not included in bankruptcy. Examples are taxes owed and student loans. Talk to your lawyer. They should have told you all this if you are really filing.
2007-06-21 12:10:34 · answer #1 · answered by atlantaboi3 5 · 0⤊ 0⤋
I do not think bankruptcy will help you as they are a priority creditor. If you have no means of paying the taxes and limited assets, you could consider an 'offer and compromise' settlement. These are tricky and you have to do a personal financial statement showing your assets/debts. The gist of these is you show what you can pay and they settle for that. If you have new worth (equity in home, retirement accounts, savings, etc. exceeding your debts) these are considered assets available for paying your taxes. So if you really can pay it don't go down this road. You would probably need to seek professional help to do an offer and compromise as they are tricky to do.
If you owe taxes & can pay them but just need time to pay, ask for an installment plan.
Good luck!
2007-06-21 19:17:40 · answer #2 · answered by Julie_CG 1 · 0⤊ 0⤋
The bankruptcy laws have changed since I last looked into it about 15 years ago, but back then state and federal taxes could not be discharged in bankruptcy.
2007-06-21 19:13:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Some older tax debts CAN be cleared by bankruptcy. The rules are complex, however, and you should consult with an attorney or CPA who specialize in this area.
2007-06-21 19:50:13 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋
There are EXTREMELY limited circumstances in which back taxes can be discharged in bankruptcy. Unless the IRS has already been attempting to collect for years, you most likely don't qualify.
2007-06-21 20:35:21 · answer #5 · answered by STEVEN F 7 · 0⤊ 1⤋
Generally, no, it doesn't clean up state or federal tax debts.
2007-06-21 19:15:23 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
No, It does not wipe out either type of debt
2007-06-21 19:10:59 · answer #7 · answered by maybe 2 · 1⤊ 0⤋
Nope...death and taxes are the only certainties in life! :D
2007-06-21 19:11:16 · answer #8 · answered by wickedpicket 1 · 0⤊ 0⤋
Nope....cant get away from taxes.
2007-06-21 19:10:03 · answer #9 · answered by HouAnswerGuy 6 · 1⤊ 0⤋