Bankruptcy because of taxes

[morkfromork223]

I owe very little money except to the IRS. I have some IRA savings and some equity in my house.

Can taxes be discharged with bankruptcy without the IRS taking my IRA and my home?

Judy

[HRx]

You're IRA will be exempt, but you'll have to repay your taxes, because they cannot be discharged under bankruptcy.

Good Luck!

[david scurlock]

its funny how that works, you can file BK on just about anything, but if deals with Gov't, Gov't Loans, IRS, they can not be discharged, nor will they fell off in 7-10 years.

[HHM]

Actually, some IRS debt can be discharged, but its a very specific exception. The tax must have been assessed more than 3 years prior, you must have filed a return etc etc. The tricky complication is teh date of assessment. If you owe a lot of money, and most of the tax liability is from taxes that were due over 3 years ago, you should at least meet with an attorney to see if BK is an option.