Claiming Your Tax Debt in Bankruptcy - Dispelling the Myth

Irs Tax Attorney - Claiming Your Tax Debt in Bankruptcy - Dispelling the Myth

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Debt piled on debt... Once upon a time claiming bankruptcy was like a "get out of debt free" card. Those days are long gone, and getting a bankruptcy discharged is much harder now. But if you nothing else but want to complicate an already complicated process then try to consist of an Irs tax debt into your bankruptcy.

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You can't get off the hook that easy... Although an Irs debt can be included in a bankruptcy, it is very difficult. There are a estimate of factors that contribute to a tax debt not being able to be included. On top of that bankruptcy attorneys are not very experienced at tax law, and can nothing else but make a mistake that won't allow your tax debt to be considered.

Pulling back the curtain... I want to help you understand what requirements there are, and give you an alternative to dealing with your tax debt exterior of bankruptcy.

So how do you get an Irs debt included in a bankruptcy, and what are some of the problems with including an Irs debt in a bankruptcy?

You can not consist of any years that you owe tax debt which are more new than 3 years ago. That means if you're filing bankruptcy in 2008, the latest year that you could claim back tax debt from would be 2005.

Even though the Irs can't pursue any variety actions against you during the period you're in bankruptcy the interest and penalties continue to add onto to the debt during the time it takes for the bankruptcy to be processed. And if your bankruptcy is dismissed, you'll owe all that money to the Irs.

The time spent in bankruptcy extends the Statute of Limitations on the debt. Normally the Irs only has 10 years to collect a debt from you. But the length of time you were in bankruptcy extends that time period.

There is an alternative... What else can you do with an Irs debt if you can't get it discharged in a bankruptcy? Since you're filing bankruptcy you're in a pretty desperate financial situation. This can make you a prime candidate to decree your tax debt with the Irs exterior of bankruptcy.

It's not all bad news... You may qualify for an Offer in Compromise depending on how damaged your financial situation is. With an Offer in Compromise you can negotiate with the Irs to get your debt placed for a single lesser payment. An Offer can take as long as a bankruptcy to be stylish and it does have a much lower opening of succeeding; in fact only 2% of Offers are accepted. To learn more about the specifics and requirements for an Offer in Compromise read my record "Settling Your Irs Tax Debt for Pennies on the Dollar". Also talk to your bankruptcy attorney.

Now you have the smoking gun...Use it!

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