There are not tax consequences from filing for bankruptcy. You do not owe taxes on unpaid debts that at discharged in a bankruptcy. There is a myth that you have to pay income taxes on discharged debt. This is not true. If you do NOT file for bankruptcy, some companies will issue 1099 for forgiven debt. If you do not file for bankruptcy, that debt forgiveness can be considered income by the IRS. Debt forgiveness for mortgage debt is not taxable even if you do not file for bankruptcy.
Who can I talk to about more bankruptcy information?
You can speak to a bankruptcy lawyer immediately to review your specific case. We offer a free consultation to review your case.
How do I get started with my bankruptcy started?
Getting started is easy. Just pickup the phone and call our office. You will speak to a bankruptcy attorney immediately.
KRUPP LAW OFFICES PC
Grand Rapids Bankruptcy Lawyer
161 Ottawa NW Suite 404
Grand Rapids MI 49503