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Tax Debt & Bankruptcy in Long Island

There are particular regulations in place that concern discharging tax debt with bankruptcy. How your tax debt may be affected will vary depending on several factors, including: the type of tax, the age of the tax, when you filed a tax return, and whether tax fraud or evasion was attempted. Chapter 7 and Chapter 13 bankruptcy will affect tax debt differently, and a Long Island bankruptcy attorney can help you understand these differences and whether your taxes can be addressed with bankruptcy in the first place.

Following are some of the factors that should be considered if you are interested in addressing tax debt with a bankruptcy case:

  • The tax debt you are looking to discharge must be related to a tax return that was filed at least 2 years ago and that was due at least 3 years before you filed for bankruptcy, including any extensions you may have received.
  • The IRS assessment must have occurred at least 240 days prior to your filing for bankruptcy.
  • The tax return related to the debt you are looking to discharge must not have been filed fraudulently.
  • You must not have been guilty of any intentional conduct related to tax evasion or tax fraud.
  • Certain taxes or tax-related debt, such as tax debt from unfiled tax returns, payroll taxes and tax fraud penalties cannot be discharged with bankruptcy.

How Bankruptcy Affects Tax Debt

In a Chapter 7 bankruptcy, eligible tax debt may be discharged upon the successful completion of your case. In a Chapter 13 bankruptcy, eligible tax debt will be paid off in the debtor's repayment plan, which may last 3 to 5 years.

To find out more about taxes and bankruptcy in Long Island and how an attorney can help you with this situation, contact a Long Island bankruptcy lawyer at our law offices. We can help you understand your legal options in this important matter.

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