Typically It Is The Last Option

Considering bankruptcy as a tax resolution option can be challenging, but it’s worth noting that forgiving tax debt through bankruptcy is complex and uncertain due to intricate rules.

For a tax debt to be forgiven it must be:

• At least three tax years old and
• Filed at least two years ago and
• Assessed by the IRS at least 240 days ago

Additionally, an IRS substitute for return will not be forgiven. Even a late filed return will not be forgiven in many jurisdictions. Also keep in mind, that although a debt may have been forgiven, any lien on your assets will not be withdrawn, so that does not go away. 

Turn to a bankruptcy attorney for the best guidance on navigating these proceedings. The Connecticut Tax Resolution Service is here to assist you and your attorney on your case if you decide to go this route.