Can filing for Chapter 7 eliminate my IRS debt since I have not filed taxes for 28 years?
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Can filing for Chapter 7 eliminate my IRS debt since I have not filed taxes for 28 years?
Asked on June 24, 2015 under Bankruptcy Law, Texas
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Filing Chapter 7 bankruptcy will NOT eliminate the taxes you owe the IRS.
It would be advisable to speak with an accountant or tax attorney regarding an Offer In Compromise to reduce the amount you owe the IRS. This may enable you and the IRS to settle the case with you paying a lesser amount than the total the IRS is claiming you owe.
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