Tax Relief In Dallas, Tx: 4 Ways Bankruptcy Might Help
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tax relief dallas txMany people believe the common myth that bankruptcy cannot help with tax debt relief in Dallas, TX. It is true that the bankruptcy discharge, which is a court order wiping out the debtor's liability on many types of debt, does not often apply to income tax debt. However, some tax debt can be discharged, and certain types of bankruptcy can help with even nondischargeable tax debts. Taxpayers seeking tax relief in Dallas, TX can contact attorney William Kunofsky to learn more about the following ways bankruptcy may help with tax debt.

Tax Relief in Dallas TX - 4 Ways Bankruptcy Can Help

Stop Collections with the Automatic Stay.

When a taxpayer files bankruptcy, none of his creditors can try to collect on their debts, not even the IRS. The automatic stay goes into effect, forcing all collection activity to grind to a halt. The IRS cannot levy on property, file any tax liens, or even call or send letters. The automatic stay gives the taxpayer breathing room to figure out a plan.

Discharge Old Tax Debts, Penalties and Interest.

Whether a consumer files a Chapter 7, a Chapter 13 or a Chapter 11, certain tax debts can be wiped out completely as long as they meet certain requirements: 1) they became due more than 3 years ago; 2) the returns were filed at least 2 years ago; and 3) the taxes were assessed at least 240 days ago. If the taxes fail to meet one of these criteria, the penalties and interest may still be dischargeable depending on the circumstances. An attorney experienced in both tax and bankruptcy can help a taxpayer figure out if his or her tax liability can be eliminated in bankruptcy through the bankruptcy discharge.

Pay Off Nondischargeable Tax Debts in Chapter 11 or Chapter 13.

If a tax debt is nondischargeable, a taxpayer may be able to repay the taxes in a Chapter 11 or a Chapter 13 case. These types of cases permit the taxpayer to file a plan with the bankruptcy court describing how each debt will be paid. Nondischargeable taxes must be paid in full; however, the taxpayer may be able to negotiate with the IRS on penalties and interest.

Strip Off Tax Liens in Chapter 11 or Chapter 13.

Chapter 11 and Chapter 13 bankruptcy cases can give the taxpayer the unique ability to get rid of tax liens. When a taxpayer owes debts to the IRS and the IRS files a notice of tax lien, that lien attaches to all the taxpayer's property, including his or her house. If the taxpayer also has a mortgage on his or her house and the house is worth less than the first mortgage, any second mortgages, judgment liens and tax liens may be stripped off, depending upon the value of the taxpayer's other property. An experienced bankruptcy attorney with knowledge of tax laws can help a taxpayer determine if this is a viable choice.

Not every bankruptcy option is available to every taxpayer, but in some cases, it is the best way to obtain tax relief. Dallas, TX residents with heavy tax burdens should contact Debt Fighters today at (214) 369-1040 or fill out our contact form. Attorney William Kunofsky is also a Certified Public Accountant, and he has the skills and experience to assess most tax debt situations.


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