ARE INCOME TAXES DISCHARGED IN BANKRUPTCY?
Often bankruptcy clients believe they will be stuck with their income tax debt after filing bankruptcy. That is not always the case. You may discharge income taxes in bankruptcy. However,…
What Happens to My Tax Refund When I File Bankruptcy?
A tax refund is simply money owed to you by the IRS. Therefore, your tax refund is an asset that can be used to pay your creditors unless exempted. Necessary Living…
Discharging Income Taxes in Chapter 7 Bankruptcy
Income taxes are discharged in a Chapter 7 Bankruptcy unless excepted from the discharge under 11 U.S.C. Section 523(a)(1). There are a number of requirements in Section 523 which may…