What Will Bankruptcy Do To IRS Tax Debt?
A San Francisco bankruptcy attorney writes about IRS tax debt.
People facing financial insolvency may or may not have IRS tax debts. The government does not follow the same rules as other debtors. While the government provides people with a chance to start over with private creators, it does not make it so easy to discharge government debts.
Can I Get Debt Relief From The IRS?
A person can get tax debt forgiven, but a certain number of years must have passed since the debt was incurred. Debts from the current year cannot be forgiven. The amount owed to the IRS must be at least three years old before a person who filed for bankruptcy can be forgiven any amount he owes on taxes.
Is the Process Difficult?
Nothing about filing for bankruptcy is easy, but it is not any more difficult to get an IRS tax debt discharged than it is to get other types of relief from debt. In general, the only type of money owed that must be paid back occurs in fraud cases. Debtors do not need to engage a service designed to negotiate with the Internal Revenue Service in most circumstances. When filing for bankruptcy, the goal is to not incur new debts.
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