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Eliminating Tax Debt in Bankruptcy

Work with an Experienced Oklahoma Tax Attorney

There are many different types of bankruptcies, only some of which will alleviate tax debt altogether. An attorney can help you weigh the pros and cons of having a bankruptcy stay on your credit history for a number of years versus seeking alternative solutions for handling your tax debt. The Oklahoma tax attorneys at Travis W. Watkins Tax Resolution & Accounting Firm are backed by years of experience and have handled cases for hundreds of clients.

Our firm is committed to providing a high level of service. We reply promptly to your calls, so dial (405) 703-5689 today.

We are 100% dedicated to resolving IRS issues and offer a range of packages and services that are tailored to our clients’ needs. Our founding attorney, Travis Watkins, is known for his experience in this field and has written several books and been featured on many news networks for his insight and advice.

Types of Bankruptcy

Bankruptcy can be an excellent solution for people who find themselves indebted to the IRS. However, it is not for everyone, so it is extremely important that you discuss your options with a knowledgeable Oklahoma tax lawyer to get a better idea of your options. In some cases, clients may pursue a Chapter 7 or Chapter 13 bankruptcy case. Typically, debts will continue to be owed at the end of a Chapter 7 case or you may have to repay them in full if you choose a Chapter 13 repayment plan.

Criteria for Discharging Debt through Chapter 7 Bankruptcy

In certain situations, you may be able to discharge your debt through filing for Chapter 7 bankruptcy.

All of the following conditions must apply for this to be an option:

  • The taxes you owe are income taxes, not payroll or fraud penalties.
  • There was no fraud or attempt to evade taxes involved.
  • The tax return must have been due a minimum of three years before filing for bankruptcy.
  • A tax return was filed for the debt you want to discharge at least two years before filing for bankruptcy.
  • The tax debt was assessed by the IRS at least 240 days before you filed your bankruptcy petition or not assessed by the IRS at all.

Get Started on Your Case with Travis W. Watkins Tax Resolution & Accounting Firm

Our Oklahoma tax attorneys can help you evaluate your current situation to find out if bankruptcy is an option for you. We are passionate about finding solutions to our clients’ circumstances and do so with the highest commitment to quality service.

Contact Travis W. Watkins Tax Resolution & Accounting Firm to learn more.

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