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Video instructions and help with filling out and completing How Form 843 Bankruptcy

Instructions and Help about How Form 843 Bankruptcy

It's from Megan from Fort Myers if you owe the IRS money how does that affect bankruptcy is it dischargeable non-dischargeable can you still get audited and you have to give your tax refunds to your creditors so there's a lot in this thing let's just hit it one from a one from the start when you're dealing with the IRS in bankruptcy the first question you have to ask yourself is is it a chapter 7 or is it a chapter 13 then you have to get into how old the debt is whether or not the tax returns were timely filed where the tax returns reviewed by the IRS and was the assessment done and what's the amount of the debt I mean there's just a ton of information and then it got the 9 40s the 940 ones anyway general rule of thumb people think that taxes are non-dischargeable in bankruptcy I would disagree with that general rule and here's why certain taxes are dischargeable in bankruptcy when a debt gets beyond a certain age and if you've done everything right like filed your tax returns timely the assessment was done you've met the criteria of what needs to be done that debt loses its priority status and goes to what's called an unsecured non priority status if that's true that debt is a not as a dischargeable debt and it falls into the same category as let's say a personal loan let's say if I gave you $10 and there was no promissory note or anything it's a personal loan that's an unsecured debt there's no collateral between us it's the same thing as a credit card or a gas card or maybe a store credit cards are a little bit different Oh or even a...

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