Discharging Tax Debts
Can a bankruptcy attorney in Utah help you with discharging tax debts? We hear this question often and the general answer is yes under certain circumstances. There is no doubt Uncle Sam has caused many people to file bankruptcy and we are sympathetic to your plight. While our revolutionary for fathers fought a war with Britain over 2-5% taxes in the 1700s, Americans today find themselves taxed at an average rate of 30-40%. The middle class has especially been hurt by burdensome taxes in the last 20 years. Indeed, if you are a small business owner, own a home, or even recently retired, you may be finding yourself stuck with a huge tax bill to the feds or state you can’t possibly pay. At Salcido Law Firm, our bankruptcy professionals can help you get relief from specific types of tax obligations through the bankruptcy process. While income tax debts and some other taxes are typically non dischargeable in bankruptcy, certain rules allow for discharge nonetheless.
Dischargeable Taxes in Bankruptcy
Understanding the rules behind taxes and bankruptcy is key to planning your financial turnaround. Generally, taxes may be discharged through bankruptcy only if (1) they are not the product of fraud, (this means if you have tried to defraud the federal or state government in the way you filed certain taxes, you will likely not be able to discharge said taxes because fraud is a barrier to almost all types of debt including credit cards, personal loans, etc; (2) the taxes are income taxes (many other types of taxes are not dischargeable under any circumstances whatsoever); (3) the taxes are 3 years old or more; and (4) certain other specific rules and exceptions may apply. To find out the details of how your particular set circumstances may apply, and to get game plan together foryour future, contact one of our Salt Lake City Bankruptcy Lawyers today.
Celebrities and Tax Debts
Tax debts and Hollywood celebrities often go together like peas in a pod. How many times have you seen news stories about celebrities not paying their taxes and ending up with a huge bill to the government? Celebrities often take advantage of the bankruptcy system when it comes to income taxes. The most recent celebrity to hit the news about failing to pay taxes was Lionel Richie. Mr. Richie reportedly owed the U.S. a little more than $1 million dollars in taxes just for 2010. Lindsay Lohan was also recently found to owe over 1/4 of a million dollars to the federal government in back taxes. No doubt these and many other celebrities have retained competent bankruptcy lawyers to get them through the bankruptcy court and back in their games. The moral of the story is that even wealthy celebrities can find themselves in trouble with taxes. Many times simple oversights in filing can lead to huge penalties that seem impossible to get out of. That is where we can help. Whether you have thousands of dollars in back income tax owed, credit card debt, medical debt, or anything else, call us today at 801-413-1753.
Salcido Law Firm – Utah Bankruptcy Law Firm
At Salcido Law Firm, we are a Utah bankruptcy law firm dedicated to getting our clients the best results possible in the bankruptcy process in Utah. We understand the bankruptcy laws and will help you each step of the way. We are available 24/7 and provide free consultation so there is no reason not to call now. While discharging taxes can be difficult, we have the knowledge and experience necessary to ensure you get your best chances of success. We look forward to helping. Call us today at 801-413-1753. Our team is standing by.