Dischargeable Tax Debts

When financial crises hit, individuals often find themselves in unfamiliar territory and unsure of what steps to take to protect their assets. The loss of employment or spousal support can often put serious pressure on people to find alternate ways to maintain financial stability. When it comes to taxes, individuals may face serious consequences if they cannot make the payments required by law.

In some cases, persons facing serious financial burdens may turn to bankruptcy to help discharge debts and regain secure financial standing. Although most tax debts are not dischargeable even through bankruptcy, there are some instances where tax debt may be discharged. If you would like to know more about tax debts and bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346.

Discharging Tax Debts

Common reasons for discharging tax debts include:

• The tax returns in question were not fraudulent in any fashion
• The individual has not been found guilty of tax evasion in court
• Tax debts that are three years old or older may be considered for discharge
• If the tax return was filed two or more years ago, it may be considered for discharge

Individuals who are facing a serious financial crisis may find it difficult to maintain tax payments and other financial obligations. Although some tax-related debts are not dischargeable, in certain cases, the debts may be reduced or discharged.

Contact Us

If you or someone you love is considering filing for bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346 to discuss your legal options.