Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

    Eliminating Tax Debts in Bankruptcy: Is it Possible?

    Posted by Wesley Scott on October 21

    We receive questions from clients about eliminating tax debts in bankruptcy on a regular basis. Owing the IRS is a frightening and frustrating experience because it can seem as if no matter how hard you try, you never get out from under your IRS debt. The interest and penalties alone can quickly add up to more than the actual tax debt, making it impossible for most individuals to pay it off. When dealing with the IRS becomes too overwhelming, people turn to us for help.

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    Everything You Need to Know about Bankruptcy and Back Taxes

    Posted by William Kain on April 3

    Some people are faced with taxes that they cannot pay because of a lost job or the loss of a spouse’s income. Others may have increased the number of exemptions they claimed during the recession so they could put more money into their pockets each pay period and they are now facing huge tax bills. Whatever the reason may be for owing back taxes, bankruptcy may have the solution for your tax problems. Most personal taxes are not eligible for a discharge through bankruptcy; however, there are exceptions to the general rule. Plus, filing bankruptcy can help you with your back taxes in other ways.

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