Bankruptcy & Taxes
Filed for Bankruptcy?
Even with the relief it can provide an individual or a business, bankruptcy can still be a difficult and complex process to navigate. Many believe that bankruptcy excuses them, at least temporarily, from financial accountability, but life does continue after bankruptcy and responsibilities remain.
The most forgotten issue is often taxes; bankruptcy does not excuse one from taxes and careful navigation is required when it comes time to report your earnings and file your return.
However, there are some cases in which federal tax debt can be wiped away, specifically if you’ve filed for Chapter 7 bankruptcy. To navigate these possible advantages, it is crucial that you seek professional insight into your financial situation so that you not only comply with tax regulations, but also receive the benefits and breaks you deserve during this trying time.
Call Carver Law Office, PLLC by calling (405) 561-3467 to speak with our knowledgeable Oklahoma City tax lawyer today!
Do This Year’s Taxes Involve Bankruptcy?
When Can My Tax Debts Be Discharged?
If you have filed for Chapter 7 bankruptcy, it is possible to have income tax debt forgiven by the federal government. To qualify for tax debt discharges like this, several conditions must exist.
For federal income tax debt to be discharged, the debts must:
Contact a Skilled Oklahoma Tax Law Attorney Now
At Carver Law Office, PLLC we know how uncertain and frightening bankruptcy can be and how it can further complicate your tax filings. We’ve made it our mission to help countless clients who have filed for bankruptcy comply with tax law and, more importantly, get the relief that their bankruptcy petition allows them.
If you or a loved one has filed for bankruptcy and are unsure how to approach your income taxes, then we invite you to call us at (405) 561-3467 today!
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