Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

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What Happens to Your Tax Debt After Bankruptcy?

Posted by Margaret Henehan on September 20

Many people I speak with are interested in finding out what debts are not dischargeable in a bankruptcy. Meaning what debts will still remain after a bankruptcy. Tax debt is the most tricky debt to deal with in bankruptcy because there are so many rules in place that must be followed in order to determine whether tax debt can be discharged in a chapter 7 bankruptcy.

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How Your Tax Debt and Bankruptcy Can Work Together

Posted by William Kain on January 5

Quite often, people considering bankruptcy have tax problems in addition to debt problems. They are surprised to learn that bankruptcy can also offer relief from income tax liability.

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Bankruptcy and Taxes: Should I File Bankruptcy Before or After Taxes

Posted by William Kain on January 5

A common question we hear from clients we meet with before tax season is if it is better to file bankruptcy before or after they file their tax return. Many times they have heard from someone that if they file bankruptcy the court will take their tax refunds. This is the biggest concern most people have about filing bankruptcy and taxes. The truth is that filing bankruptcy does not directly affect filing tax returns and you should not wait to file bankruptcy based on a fear of losing your tax refunds. The consequences of waiting to seek bankruptcy relief can be very serious. You could be risking your home and other assets by waiting to file bankruptcy.

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Are Your Tax Refunds After Bankruptcy In Jeopardy?

Posted by William Kain on December 9

When you are struggling to pay your debts, the idea of losing tax refunds after bankruptcy is frightening.  Some people rely on their tax refunds each year to make necessary repairs to their home or vehicle, pay for medical checkups or buy clothes and other necessities for their children.  We often have clients say that they want to put off filing a bankruptcy case because they are worried what will happen to their tax refunds after bankruptcy. 

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Eliminating Tax Debts in Bankruptcy: Is it Possible?

Posted by Wesley Scott on October 21

We receive questions from clients about eliminating tax debts in bankruptcy on a regular basis. Owing the IRS is a frightening and frustrating experience because it can seem as if no matter how hard you try, you never get out from under your IRS debt. The interest and penalties alone can quickly add up to more than the actual tax debt, making it impossible for most individuals to pay it off. When dealing with the IRS becomes too overwhelming, people turn to us for help.

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Everything You Need to Know about Bankruptcy and Back Taxes

Posted by William Kain on April 3

Some people are faced with taxes that they cannot pay because of a lost job or the loss of a spouse’s income. Others may have increased the number of exemptions they claimed during the recession so they could put more money into their pockets each pay period and they are now facing huge tax bills. Whatever the reason may be for owing back taxes, bankruptcy may have the solution for your tax problems. Most personal taxes are not eligible for a discharge through bankruptcy; however, there are exceptions to the general rule. Plus, filing bankruptcy can help you with your back taxes in other ways.

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