Owe back taxes? Thinking of filing Chapter 7 Bankruptcy? In order to qualify for a Chapter 7 Bankruptcy, it is critical you file your 2014 tax returns on time. Even if you owe taxes from 2014 and cannot afford to pay them, you must still file the 2014 return. You may actually be able to WIPE OUT tax debt and STILL KEEP all or some of your tax refund with a Chapter 7 Bankruptcy.
In order for past tax debt to be considered dischargeable, tax returns must have been filed on time without extensions for over 3 years. For example – federal & state taxes from 2011-2014 are not yet eligible for discharge. 2011 federal taxes will be eligible for discharge after April 15th, 2015 and 2011 state taxes will be eligible for discharge after May 1, 2015 assuming they were filed on time with no extensions. 2012 federal & state taxes will not be eligible for discharge until 2016.
Don’t miss an opportunity to reduce your debt because you’re unfamiliar with the all the rules & regulations surrounding taxes & bankruptcy. Let us sort through the specifics of your individual situation and provide you with options that will allow you the most financial freedom.
Contact Attorney Edrie Pfeiffer @ Hampton Roads Legal Services TODAY at (757) 320-2010.
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