Did not file tax returns before needing a bankruptcy case
PC has approximately 1 million dollars in tax debt from 2002-2003. A
tax lien exists for this debt. PC filed his taxes in those years and
showed that he owed the amount-there is not suspicion of evasion or
fraud. It’s simply an amount he owes that he is unable to pay.
However, PC did not file from 2005-2008, and is currently filing those
taxes with an account, who estimates the liability at approximately
100k. I’ve already explained to PC that there probably nothing that
bk can do with respect to those more recent tax debts that are
currently being filed (and which will thus be priority debts).
PC also has unsecured debts to two former employers totally 1.25
million. PC is a former floor trader, and these funds were seed
capital for trading. These are unsecured debts.
PC does not own a home, rents for $1500/month, and owns only some
personal goods (clothes, furniture) and a 2003 Land Rover with 100k
miles.
Discharging Taxes in Bankruptcy by King is supposed to be the mother of all
books on this topic. The bible as others like to refer to it.
View full post on Dallas Bankruptcy Lawyer
