Most people are surprised to learn that incomes taxes may be discharged -- just like credit card debt or medical bills -- in a Chapter 7 bankruptcy. There are some hurdles in place, however, as the IRS is a powerful entity and the obligation to pay taxes is as old as the nation itself. Nonetheless, if these hurdles are overcome, tax levies can be removed, tax garnishments will cease, and the entirety of the tax obligation is extinguished.
As an attorney practicing bankruptcy in Norristown, most cases are Chapter 7. The Chapter 7 is the quickest and easiest way to discharge debts. This ease is more than a mere filing of a bankruptcy petition, however. The law requires that the debtor (the filing party) attend a hearing. This legal mandate is located in Title 11 of the United States Code, Section 341, subsection (a). It is often written as "11 USC 341(a)" but the hearing itself is just called a "341(a)" or, sometimes, just a "341."
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Bankruptcy fraud is a serious issue. Just ask Kenneth G. Reidenbach of nearby Lancaster, Pennsylvania. He is (or was) a bankruptcy lawyer who concealed the truth from the court and the bankruptcy trustee. Apparently, in two cases, he did not reveal real estate proceeds; and in the third case he reported his fee as $1500, when, in fact, it was $4800. He faces up to forty-five years in prison and over two million dollars in fines. His sentencing is scheduled for May 2, 2012.
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