Third in a series of videos from the 2012 conference of the National Association of Consumer Bankruptcy Attorneys in San Antonio, Texas.

Most people know the general rule that income tax debts are not dischargeable in bankruptcy. What they may not know is that if six elements are present, these taxes ARE discharged. There are three timing and three non-timing elements. This video focuses on the timing elements:

1. Taxes must be three years old as of the date of filing bankruptcy, with key date being the first date that tax returns become due (i.e., April 15 of the year following the tax year in question)

2. Returns must have been filed at least two years before the bankruptcy; and

3. Taxes must have been assessed at least 240 days before the bankruptcy.

Part 2 of this video discusses the non-timing elements.