My Articles | About Us | Contact Us | Advertise With Us | Search   
 
News, Tips & Offers delivered to your inbox

ABOUT US | VIEW ALL FEATURED ARTICLES | VIEW ALL TOPICS | VIEW ALL REGIONS | DM MOBILE | DM BLOG

Eliminating Tax Debts in Bankruptcy Massachusetts

If you need to discharge tax debts, Chapter 7 bankruptcy will probably be the better option -- but only if your debts qualify for discharge (see below) and you are eligible for Chapter 7 bankruptcy.

Local Companies

Valdettaro & Josephs
(617) 522-3200
705 Centre Street
Jamaica Plain, MA
Moniz & Mendes, PC
(781) 593-4600
140 Union St.
Lynn, MA
S&D Financial Services
781-599-1496
888 Western Avenue
Lynn, MA
Robin Louis
(413) 567-3131
1200 Converse St Ste L1
Longmeadow, MA
Nielson Law Office
(617) 773-6866
1212 Hancock Street
Quincy, MA
Td Banknorth
(978) 667-4106
449 Boston Rd
Billerica, MA
Ubs Financial Services Inc
(508) 945-1733
104 Crowell Rd
Chatham, MA
Wellfleet Financial Group
(617) 770-7660
21 Mayor Thomas J McGra
Quincy, MA
Secure Future Financial Services Inc
(508) 385-2136
811 Main St
Dennis, MA
Trepanier Gerard A Jr CPA Llc
(781) 826-8371
811 Washington St
Pembroke, MA
Provided By:

You may hear radio commercials offering the hope of eliminating tax debts in bankruptcy. But it's not as simple as it sounds. Most tax debts can't be wiped out in bankruptcy -- you'll continue to owe them at the end of a Chapter 7 bankruptcy case, or you'll have to repay them in full in a Chapter 13 bankruptcy repayment plan.

If you need to discharge tax debts, Chapter 7 bankruptcy will probably be the better option -- but only if your debts qualify for discharge (see below) and you are eligible for Chapter 7 bankruptcy .

When You Can Discharge a Tax Debt

You can discharge (wipe out) debts for federal income taxes in Chapter 7 bankruptcy only if all of the following conditions are true:

  • The taxes are income taxes. Taxes other than income, such as payroll taxes or fraud penalties, can never be eliminated in bankruptcy.
  • You did not commit fraud or willful evasion. If you filed a fraudulent tax return or otherwise willfully attempted to evade paying taxes, such as using a false Social Security number on your tax return, bankruptcy can't help.
  • The debt is at least three years old. To eliminate a tax debt, the tax return must have been originally due at least three years before you filed for bankruptcy.
  • You filed a tax return. You must have filed a tax return for the debt you wish to discharge at least two years before filing for bankruptcy.
  • You pass the "240-day rule." The income tax debt must have been assessed by the IRS at least 240 days before you file your bankruptcy petition, or must not have been assessed yet. (This time limit may be extended if the IRS suspended collection activity because of an offer in compromise or a previous bankruptcy filing.)

You Can't Discharge a Federal Tax Lien

If your taxes qualify for discharge in a Chapter 7 bankruptcy case, your victory may be bittersweet. This is because bankruptcy will not wipe out prior recorded tax liens. A Chapter 7 bankruptcy will wipe out your personal obligation to pay the debt, and prevent the IRS from going after your bank account or wages, but if the IRS recorded a tax lien on your property before you file for bankruptcy, the lien will remain on the property. In effect, this means you'll have to pay off the tax lien in order to sell the property.

For More Information

To find out more about which debts you can eliminate in bankruptcy, see The New Bankruptcy: Will It Work for You?, by attorney Stephen Elias (Nolo).


Copyright 2009 Nolo

For more information visit Nolo Press

Featured Local Company

Valdettaro & Josephs

(617) 522-3200
705 Centre Street
Jamaica Plain, MA
Read more about Eliminating Tax Debts in Bankruptcy

Regional Articles
- Eliminating Tax Debts in Bankruptcy Acton MA
- Eliminating Tax Debts in Bankruptcy Agawam MA
- Eliminating Tax Debts in Bankruptcy Allston MA
- Eliminating Tax Debts in Bankruptcy Amesbury MA
- Eliminating Tax Debts in Bankruptcy Amherst MA
- Eliminating Tax Debts in Bankruptcy Andover MA
- Eliminating Tax Debts in Bankruptcy Arlington MA
- Eliminating Tax Debts in Bankruptcy Attleboro MA
- Eliminating Tax Debts in Bankruptcy Beverly MA
- Eliminating Tax Debts in Bankruptcy Billerica MA
- Eliminating Tax Debts in Bankruptcy Boston MA
- Eliminating Tax Debts in Bankruptcy Braintree MA
- Eliminating Tax Debts in Bankruptcy Bridgewater MA
- Eliminating Tax Debts in Bankruptcy Brighton MA
- Eliminating Tax Debts in Bankruptcy Brockton MA
- Eliminating Tax Debts in Bankruptcy Brookline MA
- Eliminating Tax Debts in Bankruptcy Buzzards Bay MA
- Eliminating Tax Debts in Bankruptcy Cambridge MA
- Eliminating Tax Debts in Bankruptcy Charlestown MA
- Eliminating Tax Debts in Bankruptcy Chelmsford MA
- Eliminating Tax Debts in Bankruptcy Chelsea MA
- Eliminating Tax Debts in Bankruptcy Chicopee MA
- Eliminating Tax Debts in Bankruptcy Danvers MA
- Eliminating Tax Debts in Bankruptcy Dedham MA
- Eliminating Tax Debts in Bankruptcy Dracut MA
- Eliminating Tax Debts in Bankruptcy East Falmouth MA
- Eliminating Tax Debts in Bankruptcy East Weymouth MA
- Eliminating Tax Debts in Bankruptcy Easthampton MA
- Eliminating Tax Debts in Bankruptcy Everett MA
- Eliminating Tax Debts in Bankruptcy Fairhaven MA
- Eliminating Tax Debts in Bankruptcy Fall River MA
- Eliminating Tax Debts in Bankruptcy Fitchburg MA
- Eliminating Tax Debts in Bankruptcy Foxboro MA
- Eliminating Tax Debts in Bankruptcy Framingham MA
- Eliminating Tax Debts in Bankruptcy Franklin MA
- Eliminating Tax Debts in Bankruptcy Gardner MA
- Eliminating Tax Debts in Bankruptcy Gloucester MA
- Eliminating Tax Debts in Bankruptcy Haverhill MA
- Eliminating Tax Debts in Bankruptcy Hingham MA
- Eliminating Tax Debts in Bankruptcy Holyoke MA
- Eliminating Tax Debts in Bankruptcy Hyannis MA
- Eliminating Tax Debts in Bankruptcy Hyde Park MA
- Eliminating Tax Debts in Bankruptcy Jamaica Plain MA
- Eliminating Tax Debts in Bankruptcy Lawrence MA
- Eliminating Tax Debts in Bankruptcy Leominster MA
- Eliminating Tax Debts in Bankruptcy Lexington MA
- Eliminating Tax Debts in Bankruptcy Longmeadow MA
- Eliminating Tax Debts in Bankruptcy Lowell MA
- Eliminating Tax Debts in Bankruptcy Ludlow MA
- Eliminating Tax Debts in Bankruptcy Lynn MA
- Eliminating Tax Debts in Bankruptcy Malden MA
- Eliminating Tax Debts in Bankruptcy Marblehead MA
- Eliminating Tax Debts in Bankruptcy Marlborough MA
- Eliminating Tax Debts in Bankruptcy Mattapan MA
- Eliminating Tax Debts in Bankruptcy Medford MA
- Eliminating Tax Debts in Bankruptcy Melrose MA
- Eliminating Tax Debts in Bankruptcy Methuen MA
- Eliminating Tax Debts in Bankruptcy Middleboro MA
- Eliminating Tax Debts in Bankruptcy Milford MA
- Eliminating Tax Debts in Bankruptcy Milton MA
- Eliminating Tax Debts in Bankruptcy Natick MA
- Eliminating Tax Debts in Bankruptcy Needham MA
- Eliminating Tax Debts in Bankruptcy New Bedford MA
- Eliminating Tax Debts in Bankruptcy Newburyport MA
- Eliminating Tax Debts in Bankruptcy Newton Center MA
- Eliminating Tax Debts in Bankruptcy North Adams MA
- Eliminating Tax Debts in Bankruptcy North Andover MA
- Eliminating Tax Debts in Bankruptcy North Attleboro MA
- Eliminating Tax Debts in Bankruptcy North Dartmouth MA
- Eliminating Tax Debts in Bankruptcy Northampton MA
- Eliminating Tax Debts in Bankruptcy Norton MA
- Eliminating Tax Debts in Bankruptcy Norwood MA
- Eliminating Tax Debts in Bankruptcy Peabody MA
- Eliminating Tax Debts in Bankruptcy Pittsfield MA
- Eliminating Tax Debts in Bankruptcy Plymouth MA
- Eliminating Tax Debts in Bankruptcy Quincy MA
- Eliminating Tax Debts in Bankruptcy Randolph MA
- Eliminating Tax Debts in Bankruptcy Revere MA
- Eliminating Tax Debts in Bankruptcy Roslindale MA
- Eliminating Tax Debts in Bankruptcy Salem MA
- Eliminating Tax Debts in Bankruptcy Saugus MA
- Eliminating Tax Debts in Bankruptcy Scituate MA
- Eliminating Tax Debts in Bankruptcy Shrewsbury MA
- Eliminating Tax Debts in Bankruptcy Somerville MA
- Eliminating Tax Debts in Bankruptcy South Hadley MA
- Eliminating Tax Debts in Bankruptcy South Weymouth MA
- Eliminating Tax Debts in Bankruptcy Southbridge MA
- Eliminating Tax Debts in Bankruptcy Springfield MA
- Eliminating Tax Debts in Bankruptcy Stoneham MA
- Eliminating Tax Debts in Bankruptcy Stoughton MA
- Eliminating Tax Debts in Bankruptcy Swampscott MA
- Eliminating Tax Debts in Bankruptcy Taunton MA
- Eliminating Tax Debts in Bankruptcy Tewksbury MA
- Eliminating Tax Debts in Bankruptcy Walpole MA
- Eliminating Tax Debts in Bankruptcy Waltham MA
- Eliminating Tax Debts in Bankruptcy Watertown MA
- Eliminating Tax Debts in Bankruptcy West Roxbury MA
- Eliminating Tax Debts in Bankruptcy West Springfield MA
- Eliminating Tax Debts in Bankruptcy Westborough MA
- Eliminating Tax Debts in Bankruptcy Westfield MA
- Eliminating Tax Debts in Bankruptcy Westford MA
- Eliminating Tax Debts in Bankruptcy Weymouth MA
- Eliminating Tax Debts in Bankruptcy Winthrop MA
- Eliminating Tax Debts in Bankruptcy Woburn MA
- Eliminating Tax Debts in Bankruptcy Worcester MA
Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin
Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History
Articles.DirectoryM.com | Search | About Us | Contact Us | Mobile | Blog | En Español
Copyright © BET Information Systems, Inc. All rights reserved.