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If I File My Taxes Late Can I Still File for Bankruptcy?

Posted By Allmand Law Firm, PLLC || 6-Jun-2013

Even if you file your taxes late you can still file bankruptcy. When you begin the filing process you are required to provide documentation about your finances, debt, and monthly income. Your tax returns are necessary for a matter of reasons.

Tax returns, including federal and state tax information, should be accurate for verification purposes. When you file you are required to include information for the most recent tax year. Even if you file for an extension to submit your return after the April 15 deadline, your return should be completed and filed. If your taxes are not filed before the creditor's meeting occurs your case could get dismissed.

Having your returns filed helps accurately determine your budget and repayment options. Whether you file Chapter 7 or Chapter 13 bankruptcy, you may not have a clear idea on what debt is owed or how you can repay it unless your tax information is completed. In many cases, the Internal Revenue Service (IRS) may complete a return on your behalf to estimate potential taxes owed until you file the return. If this occurs it could lead to higher Chapter 13 payments due to tax returns that have not been assessed or filed.

When you complete your returns it is important to report information accurately as it will be reviewed when bankruptcy is filed. Any problems could delay the bankruptcy court from discharging debt. Discuss you tax debt concerns with your bankruptcy attorney in Dallas-Fort Worth.


Categories: Debt and Tax Relief
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