Legal Question in Bankruptcy in Arkansas

Re: Owe back taxes... don't want to loose properties ???

Losing the properties depends on what type property, whether it is his name alone, the value of the property, etc. There is a good chance that he cannot keep all 3 properties. By properties, I assume you mean real estate. Are these homes or businesses or undeveloped, or what?

The IRS tax situation is more complex than just the last 2 years. There are several things that extend the time - such as offers in compromise, time in installment programs, several others. Some of these extend the time not only for the time you were in them, but an additional time also. Whether bankruptcy can wipe out all taxes over 2 years is not completely accurate. It depends on when filed - such as on time or not. Was there an audit? It may be 3 years, depending on some more details. 3 years is more common. I would need to get a few more details to tell you whether bankruptcy would even get rid of the taxes. This is an area I work in so I would be glad to give you a free consultation to see if there is anything we could do to help your dad.

The type of bankruptcy to file depends mainly on whether you are trying to repay the debts and just need a longer time or whether you are trying to eliminate the debts altogether. Eliminating them altogether is more common, but there are some negatives, such as messing up your credit rating.

I would like to see if I could be of more help on this, but I need more information.