A bankruptcy filing can help individuals and businesses discharge their unsecured debts and receive a fresh start. In addition, it can also resolve and re-prioritize their other debts in an equitable manner. However, the decision to file for bankruptcy should not be taken lightly. Careful evaluation of the financial affairs of the debtor and exemption planning are essential to maximizing the effect of the automatic stay and subsequent discharge.

Such an evaluation is even more essential for an individual or business contemplating a “tax-motivated filing.” Specifically, in addition to the financial affairs and exemption planning that must take place prior to filing, a tax motivated client will need to understand the difference between nondischargeable, dischargeable, priority, non-priority, secured and unsecured tax debts, and will further need to know when and how such characteristics change for their benefit. This analysis will give the debtor an idea of what tax debts may remain post-discharge and ultimately, whether or not the bankruptcy filing is a worthy alternative to other viable options.

Denny & Boulton, P.C. is designated by Congress to be a Debt Relief Agency. We are proud to help individuals and businesses navigate through this complicated process to lawfully obtain bankruptcy relief. We will evaluate your case, determine the best strategy, and file under the appropriate bankruptcy chapter, whether 7, 11, or 13.