When it comes to a low-cost California bankruptcy lawyer and taxes, there can be individual serious things that you’re going to be required to think of. If you are going to file for bankruptcy, you are going to want to make sure that you are doing everything you can to save yourself as much money, trouble, and time as you can.
You should know that some income tax debts in California might be eligible for being taken care of under CH 7. If you’re willing to declare bankruptcy, this is 1 of five ways that you can get out of tax debt. However, you should remember that in order to get your taxes discharged by filing for personal bankruptcy, you’re going to have to fulfill certain requirements, so you should make sure you meet them before you file for bankruptcy to get out of tax debt. Consult with local bankruptcy attorneys in California if you have uncertainties or questions regarding your case.
If you file for Chapter 7, you’re going to be able to get fully discharged of the debts that are allowable under California bankruptcy laws. Remember that not all of the tax debt that you might have is going to be discharged if you file for bankruptcy. You have to meet five criteria in order to get your taxes taken care of.
These 5 requirements that you need to meet in order to get your tax debt discharged when you file for bankruptcy are all important.
- The first is that the date that the tax return was due was at least three years ago.
- The second is that the tax return had been filed at least 2 yrs ago.
- The 3rd is that the tax assessment is at least 240 days old.
- The fourth is that the tax return cannot have been fraudulent.
- And the fifth is that you’re not guilty of tax evasion.
If you can meet all of these criteria, you’re going to be able to most likely get your tax debt discharged when you file for personal bankruptcy.
Remember that declaring bankruptcy carries its own issues, especially on your credit report. You should not declare personal bankruptcy just to be able to get out of paying your tax debt, because it is going to do much more harm than good in the long run when it comes to the damage done to your credit score. Only file if you have no other selection and if you’ve been told that it is your greatest chance of starting to reconstruct your life. Getting low cost bankruptcy attorneys in California is possible if you are diligent in finding the right lawyer to handle your case.
Feel free to contact us at (818) 714-2200 or visit us on the web.