Georgia Tax Debt Relief Attorneys
Are Your Debts to the IRS Eligible for a Bankruptcy Discharge?
If you ask the IRS, they will probably try to tell you that your tax debts cannot be discharged (wiped out) in bankruptcy. Of course, it is in their interest to tell you that. The truth is that, although discharging tax debts is difficult and rare, there are cases in which it is possible.
At Jamie L. Gingold, PC, GingoldBankruptcyLaw.com (Formerly practicing with Gingold & Gingold LLC), our Atlanta tax debt relief lawyers — Ira D. Gingold, who has been a bankruptcy attorney since 1971 and Court-appointed Bankruptcy Trustee from 1971-2013, and Jamie L. Gingold, who has been practicing bankruptcy, business and real estate law since 2001 — have the experience to advise you on your specific situation and your options for your tax debts.
Understanding How Stale Tax Debts Are Handled in Bankruptcy
If your income tax debt is old enough and meets several other criteria, it may be considered “stale” tax debt. This means that it can be wiped out completely in Chapter 7 bankruptcy and wiped out or reduced in Chapter 13 bankruptcy, just like a credit card balance or a medical bill.
The rules for determining whether an IRS tax debt is stale are complex. Our experienced bankruptcy attorneys can tell you whether your tax debt is eligible for discharge.
Even if your tax debt cannot be discharged, a Chapter 13 repayment plan may give you the opportunity to repay it over three to five years. The payment plans offered by the IRS require you to pay future penalties and interest.
Whenever you send money to the IRS, they will always apply it to your oldest tax debt — which could be one that is eligible for discharge. The sooner you contact us to discuss your tax debt, the sooner we can make sure you are not making any unnecessary tax payments.
IRS Debt Relief Lawyers
To learn whether your IRS income tax debts can be wiped out in Chapter 7 or 13 bankruptcy, contact us today at (678) 915-2634 or by e-mail to schedule a free consultation. Jamie accepting cases from Atlanta, Cumming, Dallas and Douglasville and surrounding areas.