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bankruptcy

does a person owing money to federal income tax for years before or after bankrupcy has to pay the owing amount

Posted from: New Brunswick

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One Response to “bankruptcy”

A licensed trustee said...

Bankruptcy will deal with any income taxes you may owe to and including the date you file bankruptcy. For example, if you file bankruptcy today, any taxes you owe for any year prior to 2013 will be included, plus any taxes younowe for the period January 1 2013 to October 7, 2013 will also be included.

Any taxes you are responsible to pay for the peirod beginning the day after you file bankruptcy you still have to pay. Using the same example as above, if you file bankrputcy today, October 7, 2013 then you will be responsible to pay any taxes you may ow on al of your income after October 7, 2013.

If you are filing bankruptcy primarily to deal with taxes that you owe you should be prepared to appear in Court as the government has the right to ask a Court to review your bankruptcy to see how/why you didn’t pay your taxes.