Bankruptcy Attorneys In The Twin Cities
There are times when the best course of action is to deal with tax issues through the bankruptcy
process. Your Tax Relief Team is also a debt consolidation and agency under federal law, and we can
represent you in bankruptcy court and get the fresh start that you want.
Chapter 7 Bankruptcy
The Chapter 7 bankruptcy process can eliminate personal income tax issues that meet several
requirements. Tax issues due to unfiled returns cannot be discharged in a bankruptcy. An in-
depth evaluation by an attorney can determine what taxes can be eliminated in this way. There
are many other types of debts that can be discharged in a Chapter 7 bankruptcy in addition to
the taxes, so if there are other debts putting pressure on a family’s budget, bankruptcy can be a
more complete solution. Chapter 7 can also be a faster solution to debts problems, since they
typical personal Chapter 7 case takes about 4 months from the time the petition is filed with the
court to the time the judge signs a discharge order, saying the debts that are eligible for are
officially discharged.
Chapter 13 Bankruptcy
Chapter 13 is often referred to as a reorganization. It can be a viable solution for the right
situation, because it does have some limitations when it comes to dealing with tax issues. It is
important to file all of your tax returns before you file for Chapter 13 relief, because the IRS will
file an objection to the reorganization plan you file and stop your case dead in its tracks if all
returns have not been filed. Chapter 13 also can take up to 5 years to complete. If you have
other financial pressures that warrant this level of reorganization, this might be a good option. For more information about Bankruptcy and how it could affect you, visit https://mhpllclaw.com/.