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Tax Help at Law Offices of Alex Gluzman: |
TaxesBack Taxes are often one of the biggest debt burden faced by a person contemplating bankruptcy. There is a great deal of confusion about getting tax relief in bankruptcy. Many tax debtors are convinced that back taxes will never go away in a bankruptcy. Although the rules for tax relief in bankruptcy are very technical and pose numerous traps of unsuspecting taxpayers, generally income taxes can be discharged in bankruptcy if a stringent set of criteria are met, Tax liabilities are divided into two categories; dischargeable and non-dischargeable. Dischargeable taxes are those that the debtor will not have to pay after the bankruptcy is over. Non-dischargeable taxes do not go away in a bankruptcy and the taxpayer remains responsible for their payment. Generally, income taxes may be discharged in bankruptcy if they meet certain age, assessment and filing requirements. Such taxes may be dischargeable in Chapter 7 if all of the following requirements are met.
Related content about tax aspects of bankruptcy can also be viewed at TaxHelpers.com |
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