- Bankruptcy 3 years after tax return due date or
- 2 years after late return is filed (whichever is longer)
- Over 240 days after audit is final:
- Any appeal extends time
- Offer and Compromise extends time
- Must have filed return (no substitute returns)
- Can only bankrupt against income and non-trust fund portion of employment tax.
- Employee portions & Sales tax can not be discharged.
Asset (ch. 13) vs. No-Asset (ch. 7) filings
Chapter 7 (No-Asset)
- Not enough equity & cash flow to pay debt.
- Limited to $800 cash, $1K Auto & $5K Home
Chapter 13 (Assets and/or Cash)
- Assets not lost but debt is reorganized and Interest lowered. IRS stops interest and penalties.
- Limited to 60 months pay back on "excess" cash flow or assets.
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