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Lake County bankruptcy lawyerAre you substantially behind on your bills and so far in debt that you are considering bankruptcy? Is a large portion of your debt money that you owe to the IRS in back taxes? If you answered “yes” to both of these questions, you probably have a question of your own: Will bankruptcy help with my tax debt anyway?

Under the United States Bankruptcy code, not all debts can be discharged by filing for bankruptcy. Some debts, such as student loan obligations, will remain your responsibility even if your bankruptcy is successful in wiping out most of your other debt. Tax debt, in most cases, can be discharged, but very specific criteria apply.

Discharging Tax Debt in Chapter 7

For the purposes of this discussion, we will focus on Chapter 7 bankruptcy, sometimes called “straight bankruptcy.” Under Chapter 7, you, as the filer, agree to turn over your assets (with certain exceptions) to the bankruptcy trustee. The trustee will liquidate your assets and use the proceeds to pay off your debts. Remaining debts are discharged, presuming that they are eligible for discharge.

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