Can I File For Bankruptcy If I Have Not Filed Taxes
Millions of people in the world take loan to make their ends meet and then are faced with debts due to unwise money management. These often lead to stressful life, getting oneself overworked and ultimately push him towards bankruptcy. At this stage, many questions dominate the person’s mind. One common thing one wonders at this stage is whether he is eligible to file for bankruptcy even if he has not filed his taxes. |
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According to the laws governing bankruptcy, it is said that if your income taxes are more than three years old, they can be discharged. Yet, there can be some uniqueness in an individual’s case based on which the law can be twisted. First of all, it is important for the concerned person to get hold of a good finance lawyer, specializing in bankruptcy. Discuss all the factors related to your financial condition. There might be something you consider unimportant but can actually turn out to be instrumental in letting you file for bankruptcy, provided it is the best available option, even if you think you cannot.
There are many people who have not file for taxes for years. Suddenly they find themselves in a situation which calls for filing for bankruptcy. Provision can be made to clear off the taxes in the last seven years at least. For this, you need to take help of the IRS. Once the tax part is cleared, you will be free to file for personal bankruptcy under normal clauses.
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Life after bankruptcy calls for extreme caution regarding money matters. Lots of things concerning your finances are to be taken into consideration to ensure that you do not run into such situation again in the future. One of the most important things to look into is your credit history. As it already gets tarnished by the mention of bankruptcy in it, which will show up for maximum of the next ten years, it is important to restructure it in such a way that the bankruptcy part is ignored in the later dealings you might have to do with the banks. The first step towards this target should be to get hold of a credit card. As you will be hard-strapped for cash post bankruptcy, usually a credit card would bail you out at this point.