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Bankruptcy Evaluation & Support

BankruptcyIf bankruptcy is filed, certain income taxes may be discharged; therefore, you may no longer be liable for the taxes owed. However, certain taxes are not discharged in bankruptcy. Many complex rules apply for discharging income taxes. These rules include the type of tax, the filing date of the tax returns, when the tax liabilty was assessed, and other conditions. It is highly recommended you speak with a tax professional at The Taxperts for more detail. The taxpayer should be aware that a bankruptcy may not discharge a tax lien and will suspend the statute of limitations on collections.