QUESTION
Can I file bankruptcy on money owed to IRS for individual income taxes and delinquent property taxes?
Asked on Oct 09th, 2017 on Bankruptcy - California
More details to this question:
Can I file chapter 7 or 13 on income taxes owed and property taxes owed?
7 ANSWERS
Yes and no. You have to follow certain deadlines. If they are not dischargeable, you can pay them through a Chapter 13. You have to pay real property taxes if you are keeping the real estate. Meet with a lawyer face to face. Any lawyer worth their salt will charge you for the meeting, but this will save you tons of heartache and problems!!
Answered on Oct 12th, 2017 at 6:37 PM
1 Award
You can file on and eliminate income taxes that are more than three years old provided you filed all the returns on time and there weren't subsequent audits or assessments. The taxes still might be dischargeable with audits and assessments, but additional time considerations come into play. If you are keeping the property, you must pay the property taxes. If you are not keeping the property you need to consult with an experienced bankruptcy attorney related to the property taxes.
Answered on Oct 12th, 2017 at 6:37 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Income taxes can be discharged in bankruptcy if the return was filed on time and it was filed at least 3 years ago. Property taxes are a lien on the property, which survives bankruptcy.
Answered on Oct 12th, 2017 at 1:35 AM
Yes, under certain circumstances; the taxes may not be newer than 3 years old and must be filed for at least two years.
Answered on Oct 12th, 2017 at 1:35 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
You MUST list all your debts. Certain income tax debts under certain circumstances, may be discharged in a bankruptcy. Consult an experienced bankruptcy lawyer in your locality.
Answered on Oct 12th, 2017 at 1:35 AM
The rules for discharging income taxes are very complicated, but if conditions are right, some income taxes can be discharged if they are stale enough. Property taxes are secured by the property, so if you want to keep the property, they cannot be discharged. A chapter 13 will allow you to take up to 5 years to catch up on delinquent income or property taxes which cannot be discharged. You need competent legal advice to avoid making more problems for yourself.
Answered on Oct 12th, 2017 at 1:35 AM
Bankruptcy Chapter 7 Attorney serving Fort Collins, CO
at
The Salas Law Firm LLC
Update Your Profile
Maybe. It depends on the assessment dates.
Answered on Oct 12th, 2017 at 1:35 AM