bankruptcy taxes

16 Oct

Past Due Taxes

Are you worried back taxes owed to the IRS?  If you owe State, Federal, or local taxes and you are also behind in other payments to creditors, Federal Laws can give you assistance.

Filing Bankruptcy Can Stop Tax Garnishment

If you file for a Chapter 7 or Chapter 13 bankruptcy, all collection activities, including tax garnishments must cease.  While you may still owe the tax, the automatic stay will put you in a better position to deal with repaying the tax, if it is not one that can be discharged completely. Certain taxes, specifically income taxes (depending on their age) may not have to be repaid should you declare bankruptcy.  If you file for bankruptcy under Chapter 13, you may get up to 60 months to pay back taxes which are non-dischargeable under bankruptcy.

Understanding that each debtor’s circumstances are unique, results will vary depending on your individual situation.  The McCandless Law Firmhas helped many individuals in similar situations out of the financial holes they have found themselves in.  Contact us today to see how we can assist you in getting the fresh start you deserve.

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