Can You Still Discharge Tax Debt In Bankruptcy If You File Late?

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Tax debt that’s over three years old can be eliminated in a chapter 7 bankruptcy. However, among other requirements, the debt is only eligible for discharge if you filed the tax returns on time. There’s still value in filing old tax returns, though, and here are two reasons why you should. You’ll Reduce the Amount You Owe When you fail to file your taxes, the IRS may do it for you.…

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