Some people who file for Chapter 7 bankruptcy fail to take full advantage of its ability to discharge debt. For instance, you may not be aware that you can get your tax debt wiped out under Chapter 7. In truth, Chapter 7 can discharge some types of tax debt provided that they satisfy certain requirements. This effectively releases you from personal tax liability.
When declaring bankruptcy in Raleigh, be sure to always consult with Weik Law Office beforehand. With their help, you can make sure that you meet the following conditions.
Strictly Income Based Taxes
To qualify, your tax debt must first and foremost be income based. More specifically, they should be for federal or state income taxes or taxes on gross receipts. That means payroll taxes, fraud penalties and others that are similar can never be discharged. Read more from this article: http://bit.ly/2HFc6tR.
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