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Is IRS debt dischargeable?

When contemplating bankruptcy, prospective debtors want to know if they can discharge (bankrupt out of) debt owed to the IRS, and the answer is...it depends. The main distinction of if it is, or is not dischargeable is when was it assessed. Assessed does not mean what year do you owe the taxes for, it means, when did you file and find out what you owed, that is the date it is assessed. If the assessed date is more than three (3) years old, you may be able to discharge that debt to the IRS. This is for income taxes owed, not payroll taxes owed, if you owe payroll taxes. It becomes tricky if you have a joint IRS debt with your spouse and at the time you file bankruptcy either you are no longer married or your spouse in not filing joint with you. The attorneys at Schwam-Wilcox & Associates can help guide you through your bankruptcy issues and determine if this is the best option for you and your family. We can be reached at 407-245-7700, or at info@cbswlaw.com or by visiting our website at www.cbswlaw.com

 

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