Many people do not know that income taxes, with certain exceptions, are dischargeable in bankruptcy. Under the right circumstances, if you owe taxes to the IRS, you will be able to eliminate those taxes through a federal bankruptcy.
Unfortunately, the law surrounding the discharge or elimination of taxes in bankruptcy is very complex. The taxes to be eliminated have to be old enough to qualify and there are several laws that extend the time periods a person has to wait before filing.
Bankruptcy is an important tool to use in planning for a person’s financial freedom from IRS and State taxes. However, like many tools, it must be used properly and planning ahead of filing bankruptcy is a must.
Joseph Falcone understands how the bankruptcy laws relate to the tax laws. While Joseph Falcone does not file bankruptcy cases himself, he has a long standing relationship with lawyers who are experts in bankruptcy. After working with a taxpayer for a period of time, the taxpayer will be referred to a bankruptcy attorney that Joseph Falcone believes will do everything in his or her power to successfully eliminate the taxpayer’s tax liabilities.