Tax Bankruptcy is a complicated legal topic that goes beyond the scope of a newsletter. However, we would like to share some basic issues that you need to understand if you're even considering bankruptcy as an option to relieve your tax debt.
First and foremost, there are some types of tax debts that cannot be relieved in bankruptcy. Second, bankruptcy can have a long-term negative impact on your financial life. It could be a big mistake to seek bankruptcy protection as a tax-relief option ... if, in the end, it doesn't relieve the tax pressure you were seeking to relieve in the first place.