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Ellen, Consultant
Category: General
Satisfied Customers: 36714
Experience:  attorney and legal researcher
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Will I be taxed on debt thats discharged in personal chapter

Resolved Question:

Will I be taxed on debt thats discharged in personal chapter 7 bankruptcy:
Credit Cards, Personal LOC, Forclosed Condo, UPS bills
Submitted: 6 years ago.
Category: General
Expert:  Ellen replied 6 years ago.
No you will not. Debts discharged in a chapter 7 bankruptcy are not included in relief of indebtedness income for tax purposes
Customer: replied 6 years ago.
okay, so your sure there will not be any 1099 or anything that would require me to pay taxes on any of it? Is there any cercomstance that there would be taxes paid. I just want to be totally sure.
Expert:  Ellen replied 6 years ago.
There is no circumstance that would give rise to a tax recognition of discharge of indebtedness of a chapter 7 debtor
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