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Can tax debts be included in bankruptcy?

With home equity falling, an increasing number of people are choosing to go bankrupt to resolve their debt problems. We consider whether tax debts can be included in the bankruptcy process.

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Bankruptcy is a way in which the law may deal with a person who is unable to pay their debts.

Following an order of bankruptcy, a Trustee is appointed who gathers in your assets towards payment of your debts fairly between your creditors, according to certain rules. Bankruptcy also imposes a number of restrictions on what you can do.
Broadly, if you are made bankrupt:

* You stand to lose any valuable assets that you own at the time of the bankruptcy order, including your interest in your home, your business assets, bank accounts, savings and investments, and certain pension rights, towards payment of your debts.
* During the period until you are discharged , which normally happens automatically after one year, you may be ordered to make payments from your income, or any other money you receive, towards payment of your debts.
* Also, until you are discharged, you may not hold certain positions such as being a company director, or seek to borrow over £500 without disclosing that you are a bankrupt.
* Your bankruptcy will be published in the London Gazette and in a national and/or local newspaper. So some people will become aware that you have been made bankrupt which may be embarrassing. The bankruptcy will be noted by the credit reference agencies, making it difficult for you to borrow money for about six years after you have been discharged.


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Post edited by: jamessmith4152, at: 2012/02/15 02:28

The business owner cannot use tax debt relief as a means to escape from paying for local taxes. It is because local tax debts cannot be included in the declaration of bankruptcy. Instead, this must have paid in full before business income tax debts can reach a settlement.




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es you can start over but this does have an extreme barring on your credit. You can include the years prior to three years from the tax year you owed the IRS. However any years owing after the fact, you will be responsible for.
Actually, you can under certain circumstances -- mainly if enough time has gone by (except in cases involving fraud):

As a result of Bankruptcy Code Sections 523 and 527, the following IRS tax is generally dischargeable:

Tax penalties for non-filing, tax penalties for late payment, tax penalties for late deposit, and tax penalties for late estimated payments; and Income tax, excise tax, and gift tax which is over three years old, has been filed at least two years prior to the bankruptcy petition, and/or has been assessed as an IRS tax audit deficiency for at least 240 days.




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