Oklahoma Bankruptcy HelpCan I Include Taxes in an Oklahoma Bankruptcy Chapter 7 Discharge?

Certain taxes can be included in an Oklahoma bankruptcy Chapter 7 discharge, but tread carefully. Not all taxes are eligible for any type of bankruptcy in Tulsa. Read on to learn more.

Taxes and Your Oklahoma Bankruptcy Chapter 7 Discharge

Before you file bankruptcy, you must have filed your federal income tax returns for the last four years, warns the Internal Revenue Service (IRS). If you were not required to file a tax return, make sure you have evidence to support your situation (e.g., W-2s, 1099s, or paperwork associated with government benefits).

Now, a confusing situation for many people is how old the tax bills must be to be included in an Oklahoma bankruptcy Chapter 7 discharge. Simply put, the rule is you can only discharge taxes three years after the date you filed them.

Note, this is not the tax year. This is not the date the tax return was due (if you were delinquent at filing the return, with or without IRS permission). It is three years from when you actually filed the tax return.

Newer tax bills — regardless of the tax year — cannot be handled through the U.S. Bankruptcy Court. You must reach a payment agreement with the IRS or, if applicable, the Oklahoma Tax Commission.

How We Can Help You

Our mission at Financial Freedom Bankruptcy Lawyers of Tulsa is to provide you the information and legal representation you need to climb out of debt and get back onto solid financial ground.

And with a discharge of your debt, you can often rebuild your credit rating much more quickly. When your debt exceeds your earnings and the value of disposable assets, it is time to consider how you could benefit from bankruptcy.

Every person’s financial situation is unique. So, while bankruptcy tools are standardized, an experienced attorney can help guide you through the process so that you get the best possible debt relief for you.

Likewise, your Tulsa bankruptcy attorney can help you retain the assets that are important to you. You have worked hard for your home. You don’t want to lose it to debt.

Bankruptcy law and its forms are complicated, and mistakes will cost you. It is important to get the forms right the first time.

Your attorney can help you understand the process and what debts you will likely be required to pay, which debts are secured with collateral, and what property is exempt.

Because we have worked with so many clients, we know how to do the filings right and how to make the process efficient. Our goal is to make affordable debt relief in Tulsa available to anyone who needs to get out from under debt and back on top of their financial life.

Get out from under by calling for the help you need today. We are here to help.

Low-cost Bankruptcy Planning: Tulsa Bankruptcy Lawyer

To get the best possible outcome in your case, you will need to set expectations for yourself and also understand your attorney’s expectations of you.

To receive your low-cost initial bankruptcy analysis, call Financial Freedom Bankruptcy Lawyers of Tulsa today at 918-786-9600.