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Will my Chapter 7 bankruptcy trigger a tax audit?

Sometimes it is the fear of the unknown that keeps us from pursuing a course that is going to serve us well in the long run. And there is nothing that can provide more uncertainty than having severe financial challenges. When such is the case, it can be in your best interests to seek a fresh financial start by filing for Chapter 7 bankruptcy.

But perhaps you are afraid that having a bankruptcy indicated on your tax filing will trigger an audit. Such a concern is understandable. After all, when you are trying to get your money matters straightened out, the last thing you need is the IRS scrutinizing your records.

Happily, a Chapter 7 bankruptcy in no way triggers an audit. The fact is that bankruptcy is extremely common; around a million and a half people file for one every year. It is simply not practical for the IRS to place special focus on so many individuals. The IRS has enough to do looking for incidents of tax fraud or non-payment of taxes.

If you file Chapter 7, there are numerous benefits you can take advantage of, which include having certain debts discharged. But you want to make sure that you adhere to the procedure and obey all applicable laws and fulfill your requirements. A personal bankruptcy attorney can guide you through the process in a step-by-step manner that helps ensure you understand your rights and responsibilities. By doing this, you will be prepared to move forward to a more stable and secure financial situation.

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