Excerpt from Chapter 15 – “Taxes and Bankruptcy”

Bankruptcy – We Wrote the Book on It By Ronald C. Sykstus and the Bond and Botes Team of Lawyers

Excerpt from Chapter 15 – “Taxes and Bankruptcy”:

Another important topic that comes up repeatedly with many of
our clients is with regard to taxes and how they are affected by a
bankruptcy filing, either Chapter 7 or Chapter 13. Contrary to
popular belief, taxes can be discharged in bankruptcy, assuming that
certain rules and qualifications are met. Tax debt can also be paid
back through a Chapter 13 debt consolidation plan. The IRS and
state taxing authorities have many enforcement mechanisms and
procedures to ensure payment, and they can put these enforcement
actions into place quickly to the great detriment of the consumer. As
a result, if you have tax debt or concerns that you are confronting,
please be aware of your rights under the Bankruptcy Code. There is
also interplay with taxes when property is forgiven or settled short
of the full balance owed being paid.

Comments are closed.