| You should think about several things seriously if you | | | | when you file bankruptcy there are five criteria you |
| are going to file bankruptcy. | | | | have to meet. |
| First and foremost you should do everything you can | | | | |
| to save yourself as much money, trouble and time as | | | | 1. You cannot be guilty of tax evasion. |
| you can. Take some time and discuss this with your | | | | 2. The date the tax was due was at least 3 years |
| bankruptcy lawyer, you may have to be forceful to | | | | ago |
| accomplice this as they may want to come up with | | | | 3. The tax return was filed at least 2 years ago |
| quick solutions to get your case in front of the judge | | | | 4. The tax assessment is at least 240 days old |
| and finalized. | | | | 5. The tax return cannot have been fraudulent |
| Under chapters 7 and 13 your tax debt may be eligible | | | | If you can meet all of the above chances are you can |
| to be wiped out. If you do file for bankruptcy this is one | | | | have the tax debt discharged when you file for |
| of five ways for you to get out of tax debt. Its not | | | | bankruptcy. |
| quite as simple as just filing bankruptcy; you also have | | | | Although bankruptcy may seem a great way to clear |
| to meet other requirements to be eligible. Before you | | | | your debt there are consequences that come along |
| actually decide to file you should insure your efforts | | | | with this decision. Your credit will plummet and it will |
| would not be in vain by determining beforehand that | | | | take you years to rebuild your credit score. If your filing |
| you meet the requirements to get out of tax debt. | | | | just to get your taxes discharged you might want to |
| Once you are sure you meet the requirements its time | | | | consider some other options. You can set up a |
| to decide if you will file under chapter 7 or chapter 13. | | | | payment plan with the IRS or visit one of the many |
| With chapter 7 you will be able to get your debt fully | | | | sites that offer ways of getting out of debt without |
| discharged up to the allowable limits. Chapter 13 will | | | | bankruptcy. Basically if there are other options, don not |
| normally be a payment plan put in place and you will | | | | file, but if you have no other option and you have been |
| have to pay back a portion of the debt you incurred | | | | told bankruptcy is your best chance for starting over, |
| while the rest will discharged. | | | | then talk to your lawyer and decide if chapter 7 or |
| If you are hoping to have your taxes taken care of | | | | chapter 13 is the right one for you. |