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Are You Considering Filing Bankruptcy in New Jersey to Get Rid of Tax Debt? Then Find Out What You Need to Know to Determine Whether Those Taxes Can Be Discharged!

One reason people here in New Jersey are contemplating bankruptcy, in addition to credit card and medical debt, is a big tax bill that they cannot pay. People often ask me whether taxes are dischargeable (and many people think that they are not). The answer I usually give is, it depends.

Whether taxes get discharged depends on two things: What kind of tax it is (income, real estate, sales, or tax withholdings from employees), and whether it passes the bankruptcy code’s three part discharge test. To get a good answer to this question I asked local tax accountant Ira Krassan to join me to go over these points and give you a good idea of whether bankruptcy can get rid of part, or all, of your tax debt and get you the fresh start that you need.

 

Steven J. Richardson
Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.