I HAVE BEEN TOLD BY A VERY CREDIBLE BANKRUPTCY ATTORNEY THAT IRS DEBT IS BANKRUPTABLE .?
THE TAX DEBT MUST BE AT LEAST 3 YEARS OLD. DOES ANYONE HAVE AN EXPERIENCE WITH THE IRS AND BANKRUPTCY?? IRS TAX DEBT AND STUDENT LOANS ARE NOT THE SAME CASE BY IRS STANDARDS……(see previous answer to similar question 2 years ago.)
Posted May 14th, 2010 in Bankruptcy Q and A. Tagged: 3 years, bankruptcy, irs tax, student loans, tax debt.
Income tax and other uncollected tax that became due and owing over three years prior to filing bankruptcy–this means 2004 and earlier right now–is discharged in a Chapter 7 bankruptcy provided the taxpayer filed the original return at least two years previously and the balance due was billed over 240 days ago. The discharge does not apply to exempt assets or assets abandoned by the bankruptcy trustee or if the underpaid tax was due to fraud or the taxpayer did not file a return. See Title 11, United States Code, Section 523.
May 14th, 2010 at 2:12 pmThat is a lie as far as I know.
May 14th, 2010 at 2:12 pmIf you have asked a credible source, why are you asking here?
1. Income taxes only. Not payroll debt, not debt from a corporation.
2. An actual tax return must have been filed (does not include SFR).
3. Taxes year owed must be at least 3 years ago. (2004 and earlier)
4. Tax assessment (which may be different if you were audited) has a minimum age as well.
http://taxes.about.com/od/bankruptcy/qt/bankruptcy_tax.htm
May 14th, 2010 at 2:12 pm