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Will bankruptcy wipe out tax debt?

By Florida Law Advisers, P.A. |

Yes, if certain criteria are satisfied, your IRS tax bill may be discharged in a Chapter 7 bankruptcy. However, penalties for fraud imposed by the IRS are not eligible for discharge in Chapter 7, only income taxes are eligible.

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Can I include IRS debt in a Chapter 13 bankruptcy?

By Florida Law Advisers, P.A. |

Yes, IRS debt can be included in a Chapter 13 payment plan. However, the Chapter 13 payment plan must provide for full payment of the tax bill. Otherwise, it may not be eligible for confirmation.

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What is the 240 day rule?

By Florida Law Advisers, P.A. |

To be eligible for discharge in bankruptcy, the tax assessment must be levied at least 240 days prior to the date you file bankruptcy. If you do not satisfy the 240 day rule the income taxes will not be eligible for discharge.

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Can I use a credit card to pay tax debt?

By Florida Law Advisers, P.A. |

Yes, you can use credit cards or other loans to pay off a tax bill. However, loans used to pay off a non-dischargeable tax bill will also not be eligible for a discharge in bankruptcy.

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