Bankruptcy Secrets
Tax Return Required
The new bankruptcy law requires that you provide a copy of your most recent tax return before you can file your bankruptcy application. If you haven't paid your taxes, you must pay the taxman and bring your IRS current before you can proceed with bankruptcy. How will someone who is behind on their taxes come up with immediate cash? This is yet another hurdle law makers have erected to make bankruptcy more unavailable to those whose bills are in arrears.
Under Chapter 7 a single year tax return will suffice but for those entering into financial slavery (excuse me), Chapter 13, you'll need tax returns for the four previous years.
