Taxes and Bankruptcy

Manhattan Bankruptcy Attorney: Tax Dischargeability

Back tax issues are one of the common challenges faced by our clients. It is shocking how a simple mistake or error in judgment can result in enormous tax deficiencies, fines and penalties. If you are dealing with overwhelming debt from back state or federal income tax and you need the help of an accomplished New York City bankruptcy attorney to seek immediate relief, contact the Law Office of David B. Shaev for a free initial consultation.

Tax Dischargeability Issues in Bankruptcy

Each bankruptcy case involving tax debt is unique, but there are some general rules pertaining to income tax that apply to most of our clients. To be discharged in bankruptcy, a tax debt must have been due and owing for three years and there can be no charges of fraud in the case. You must have filed a tax return for the debt you wish to have discharged at least two years prior to filing bankruptcy. Also, there can be no new fines or penalties assessed within the 240 days previous to filing, and no IRS liens outstanding. There are also restrictions regarding client income.

To find out whether your tax debt is eligible for discharge in bankruptcy, and to discuss your legal options in seeking real debt relief, contact our law office in Manhattan today to schedule a free and confidential consultation. We are proud to serve clients in Brooklyn, The Bronx, Queens, Staten Island, White Plains and Westchester County.

Tax Dischargeability vs. Monthly Payment Plans

Even if your back taxes do not qualify for discharge in bankruptcy, we can still help you find a solution. If you have a regular source of income, we can help you reorganize your debt in a Chapter 13 bankruptcy, allowing you to pay off what you owe in manageable monthly installments.

For real answers to your questions regarding debt relief and tax dischargeability, contact us today for an appointment to discuss your needs one on one with respected Manhattan bankruptcy lawyer David B. Shaev. The initial consultation is free.