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Posted On: April 15, 2010 by Scott Sagaria

Tax Review

A San Jose bankruptcy attorney comments on taxes and bankruptcy...

Debtors in San Jose with large amounts of unpaid back taxes may want to know that some taxes are dischargeable in bankruptcy. Specifically, taxes that are three years old from the date of filing are generally dischargeable. Still, if the IRS has audited an individual a debtor must wait an additional 240 days from the date of assessment before those taxes are dischargeable again. Why is all of this important?

If a debtor wants to discharge $25,000.00 in back taxes for the year 2006 and those taxes were filed on time in April of 2007, the bankruptcy petition must be filed AFTER the date the taxes were filed. Otherwise those taxes would not be dischargeable. Moreover, using the same example, if those same taxes (2006) were assessed hypothetically in April of 2008 in order to discharge those taxes a debtor would need to wait an additional 240 days before those taxes become dischargeable. Basically, when it comes to taxes and bankruptcy, timing is everything.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Bankruptcy News , Chapter 11 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Consumers in Debt

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