Q: Under chapter 7 Bankruptcy can I keep my homeand car also will IRS INCOME TAX DEBT be discharged state is TX
I am looking to file chapter 7 Bankruptcy looking to keep my house its financed with Wells Fargo
A: In a Chapter 7, your IRS debt will probably NOT be discharged except in very rare circumstances. Seek counsel in your jurisdiction.
A: So long as you can continue to pay on your home and car, yes generally speaking you can keep those. IRS tax debt can be discharged but it must meet certain requirements. Again, generally speaking if it is over 3 years old measured from the due date of the tax return, you filed the tax returns more than 2 years before the bankruptcy is filed, and the taxes cannot have been assessed within 240 days of the bankruptcy filing date. Also, you must have filed your tax returns before the IRS filed a return for you. There are other requirements but those are the main ones for IRS income taxes to be discharged in bankruptcy.
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