Paying Your Taxes after Bankruptcy

After an individual declares bankruptcy and has a bankruptcy hearing, he or she may have questions about filing personal income taxes. Before taking care of taxes for the current year, bankruptcy filers may have back taxes to deal with.

Moving on with your financial life after bankruptcy can be difficult. For answers to your questions about filing your taxes post-bankruptcy or other post-bankruptcy issues, contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561-353-2800.

Back Taxes and Current Taxes

In many cases, individuals declare bankruptcy because they cannot pay their back taxes and have other mounting debts. When an individual does declare bankruptcy, back tax debts do not always go away; depending on the chapter an individual declares, he or she must meet specific guidelines for tax debts to go away.

After declaring bankruptcy, though, an individual will still have to pay taxes on his or her current year’s income. In many cases, individuals are advised to take care of their back taxes before paying, while other individuals are advised to pay their current taxes while working out a payment plan on their back taxes.

An experienced bankruptcy attorney can help individuals develop an effective strategy for paying their taxes.

Contact Us

The Boca Raton bankruptcy attorneys of Eric N. Klein & Associates, P.A. are experienced in helping individuals handle their post-bankruptcy tax issues. If you have questions about your post-bankruptcy finances, contact us today at 561-353-2800 to discuss your individual circumstances.