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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Would filing bankruptcy help with IRS debt And is it possible

Resolved Question:

Would filing bankruptcy help with IRS debt? And is it possible to actually legally create a new fresh start credit file?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 years ago.
Hi JACustomer,
Filing a Bankruptcy can help with IRS debt that is more than 3 years old. Filing a Bankruptcy does not create a new credit report - the Bankruptcy is just added to the existing report. The Bankruptcy eliminates the debtor's liability for the debts that are discharged, but does not remove those debts from the credit report. These debts are removed after 7 years, and the Bankruptcy is removed after 10 years.
Lastly, one's credit generally starts to improve in about one year after filing.
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