Are state and federal tax obligations dischargeable in Chapter 7 Bankruptcy?

In South Dakota, most state and federal tax obligations are dischargeable in Chapter 7 Bankruptcy. This means that if an individual files for Chapter 7 Bankruptcy, they may be able to have their tax debts discharged and no longer be responsible for paying back these debts. It is important to note, however, that not all tax obligations are dischargeable in Chapter 7 Bankruptcy. In order for a tax debt to be dischargeable, it must meet certain requirements. In order for a federal tax obligation to be dischargeable in South Dakota, it must meet the following criteria: it must be at least three years old; it must have been filed two years ago; and the assessment must have been made 240 days ago. The tax return must also have been filed on time. If any or all of these requirements are not met, then the tax obligation is not eligible to be discharged in Chapter 7 Bankruptcy. In addition, in South Dakota, certain state taxes are also eligible to be discharged in Chapter 7 Bankruptcy. These include income taxes, sales taxes, and other types of taxes that the individual owes to the South Dakota state government. However, the requirements for dischargeability are slightly different for these taxes. For example, the tax must be at least two years old and the assessment must have been made at least 240 days ago. Overall, most federal and state tax obligations are dischargeable in Chapter 7 Bankruptcy in South Dakota. However, it is important to note that these requirements must be met in order for the tax debt to be dischargeable and the individual must file the appropriate paperwork. Therefore, it is important to speak with a qualified attorney or accountant before filing for Chapter 7 Bankruptcy to ensure that all of the requirements are met.

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Are state and federal tax obligations dischargeable in Chapter 7 Bankruptcy?

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