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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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if i file bankruptcy will that include my federal taxes i owe

Customer Question

if i file bankruptcy will that include my federal taxes i owe and my student loans?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
When you file for a bankruptcy, you must list down all debt, regardless if they are dischargeable.
Student loans are generally non-dischargeable, unless you can demonstrate undue hardship (extremely hard to prove)
Tax debt, to be dischargeable, must be income tax, filed timely and accurately, and at least 3 years old when the bankruptcy is filed. If late/inaccurate, must have been corrected more than 2years before bankruptcy filing, and the tax could not have been assessed in the last 240 days. IF it meets these loopholes, then would be dischargeable in a chapter 7 case.