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Tax in Bankruptcy

Oakland Attorney Experienced in Tax Debt

Tax debt poses special problems for bankruptcies. Some types of tax debt cannot be discharged in bankruptcy, meaning that some or all will remain after the bankruptcy is over. Either way, there may be other viable options beside bankruptcy, depending on many circumstances.

Contact the Law Office of Lawrence L. Szabo to speak with an experienced lawyer free of charge about your situation.

The Age of the Debt Is Key

The key to taxes and bankruptcy lies in how old the tax debt is. No less than three different criteria come into play:

  • The length of time since the return was due
  • The length of time since the return was filed
  • The length of time since the tax was assessed

Tax in BankruptcyFederal tax debt can be discharged if the return was due more than three years before you file for a Chapter 7 bankruptcy. Also, the return had to be filed two years before, and the tax assessed 240 days before the filing. However, if you have filed a fraudulent return or have willfully attempted to evade taxes, your tax debt will not be discharged.

The Tax Consequences of Bankruptcy

Filing for bankruptcy will result in special tax considerations. For example, the cancellation of debt must often be reported as income. There are also special tax consequences related to foreclosures and short sales that must be carefully considered. Attorney Lawrence L. Szabo will help ensure that you fully understand all of the taxation issues associated with bankruptcy. He will take the time to answer your questions and guide you toward the debt relief option that is best for you.

Contact Our Bankruptcy and Tax Lawyer in the Oakland Area

To speak free of charge with a lawyer with experience in taxes and bankruptcy, please contact us any time.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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LLS | The Law Office of Lawrence L. Szabo

Lawrence L. Szabo
3608 Grand Ave. STE 1
Oakland, California 94610
Phone- 510-922-0565
Fax- 510-834-9220