Bankruptcy and Your Taxes: What You Need to Know Portsmouth VA

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Bankruptcy and Your Taxes: What You Need to Know
Filing for bankruptcy in Virginia can impact your tax obligations, but it's not always straightforward. While some tax debts can be discharged, others may survive bankruptcy. Understanding the interplay between bankruptcy and taxes is crucial.
Key Points:
• Dischargeable Taxes: Certain income taxes may be eligible for discharge, depending on their age and filing status.
• Non-dischargeable Taxes: Recent tax debts, payroll taxes, and fraud-related taxes are typically not dischargeable.
• Tax Returns: Filing bankruptcy doesn't absolve you from future tax filing obligations.
• Seek Professional Advice: Consulting a bankruptcy attorney is essential to navigate the complex tax implications of your case.
At The Alliance Legal Group, our Virginia bankruptcy lawyers can help you understand how bankruptcy affects your taxes. We'll work to protect your interests and maximize your financial fresh start. Contact us today for a free consultation!
For More Information and a FREE Bankruptcy Consultation, please call (757) 482-5705 or visit us online at www.DebtFreeVA.com

Bankruptcy and Your Taxes: What You Need to Know Portsmouth VA

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