Tax debt can be extremely problematic for individuals. Owing Uncle Sam threatens not only a person’s bank account but also their freedom. But when a person faces overwhelming tax debt, they often find that bankruptcy is not an option. However, there are exceptions to this that may allow a person to discharge this tax debt. Under certain conditions, it is possible to discharge nonopriority unsecured tax debt with a St. Louis Bankruptcy Attorney if your debt meets certain criteria.
If your particular tax debt meets all the following factors, it is possible to discharge it in Chapter 7 bankruptcy. These factors are:
- Tax debt is income tax
- Debt is from a return due at least 3 years ago
- The return was filed at least 2 years ago
- The taxes were assessed at least 240 days ago
- There is no fraud or malfeasance on the part of the file
If your debt meets all of those criteria, it is possible to discharge it completely in Chapter 7 bankruptcy. A lawyer can look at your debt and your financial situation to find out whether this is a viable option for you. Even if Chapter 7 is not an ideal fit, this tax debt can be greatly reduced in Chapter 13. This way, you can make manageable payments to help get caught up on your debts while you pay back the government. Then
If you have serious debt problems, there is a solution. By working with a bankruptcy attorney, you can get your debt under control once at for all. The Westbrook Law Group offers you a fresh start, free of debt and free of worry. If you are tired of the debt and tired of the stress, contact The Westbrook Law Group today for a free consultation. Together, we will find a solution.