bankruptcy attorney in oklahoma city


Oklahoma City Bankruptcy Attorney

Oklahoma City's Leading Chapter 7 & Chapter 13 Resource. Serving Oklahoma City & Surrounding Areas.

Call Today (405) 334-5150 or EMAIL US!

Taxes & Bankruptcy

Discharging Taxes and Tax Debts in Bankruptcy

Can you eliminate tax debt owed to the Internal Revenue Service, Oklahoma Tax Commission or other taxing agencies?  The answer in many cases is "YES!"  Certain tax obligations are dischargeable or may be managed in bankruptcy.  The primary relevant factors (see more specifics below) are the age of the taxes (determined by calculating from the date the returns were last DUE to be filed), the date of assessment of the taxes (determined by the taxing agency), the dates you filed your returns (IF they were filed) and whether you willfully attempted to evade payment of the tax by fraud. 

Requirements for Discharge:

The minimum requirements for discharging federal or state income taxes are (all of the following must be met): (1) it has been more than 3 years since the returns were last DUE (including extensions) to be filed, (2) the returns were timely filed or it has been at least 2 years since the returns were filed, (3) there was no fraud involved or attempts to evade the tax, AND, (4) the taxes were not assessed within the last 240 days.

However, even if you cannot get rid of your tax debt fully in a Chapter 7 bankruptcy case, you may be able to discharge some of it, and enter into a more favorable repayment plan for the taxes than you otherwise could outside of bankruptcy in a Chapter 13 or Chapter 11 case.

Similarly, sometimes sales taxes and other taxes, such as those owed to the State Franchise, or Board of Equalization, or Employment Development Department may also be dealt with in a bankruptcy case.

The most important thing to do if you are having tax problems is to investigate bankruptcy as a possible alternative to dealing with your taxes.  This is particularly true if it has been more than three (3) years since the tax returns for the years you owe were last due to be filed. 



Our firm handles cases throughout the Oklahoma City Metro. Please call my office today for a free bankruptcy consultation, either in my office or by telephone - (405) 334-5150.



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