Are Taxes Dischargeable in Bankruptcy?

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Bankruptcy is often viewed as the option of last resort to resolve seemingly unsurmountable debts. In working with clients owing large amounts of tax, we have found that their prevalent thought is that tax liabilities survive bankruptcy. However, it is possible for taxes and the associated penalties and interest to be discharged, if the following three time periods are met:

  1. The taxes must become due at least three years prior to filing bankruptcy. “Become due” means the date on which the taxes were due on a timely filed return, or would have been due had the return been timely …read more

    Read more here:: Tax

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