Can I discharge taxes in a Chapter 11 bankruptcy?

Yes, you can discharge taxes in a Chapter 11 bankruptcy in Florida. In a Chapter 11 bankruptcy, the goal of the debtor is to obtain approval of a court-approved plan to reorganize their business. This usually involves the repayment of some debts, while others, including taxes, are discharged. The process of discharging taxes in a Chapter 11 bankruptcy is similar to other types of bankruptcies. In Florida, the debtor must meet certain requirements to be eligible for a discharge. These include filing all tax returns that are due; providing proof to the court that all required taxes have been paid; demonstrating that the taxes are more than three years old; and showing that the taxes were due at least 240 days before the bankruptcy was filed. If the debtor is able to meet all of these requirements and the court grants permission to discharge taxes, the IRS will no longer have the right to collect those taxes. This can provide a great financial relief to a business struggling to stay afloat. It is important to note, however, that a Chapter 11 bankruptcy may not be the best option for discharging taxes. There are other types of bankruptcy that may provide a more favorable result for the debtor. Additionally, this type of bankruptcy is very complex and requires the help of an experienced bankruptcy attorney to ensure all requirements are met.

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Can I discharge taxes in a Chapter 11 bankruptcy?

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