What Are the Tax Obligations of a Person Filing Bankruptcy?
Relieving Your Stress About the Tax Consequences of Bankruptcy
One thing that worries many people about filing bankruptcy is whether there will be any tax consequences. There is a lot of false information out there about the tax obligations of a person filing bankruptcy, so it is important to get accurate information before deciding whether to file.
At the Atlanta metro area law firm of Gingold & Gingold LLC, our experienced attorneys — Ira D. Gingold, who has been a bankruptcy lawyer since 1971 and Court-appointed Bankruptcy Trustee from 1971-2013, and Jamie L. Gingold, who has been practicing bankruptcy, business and real estate law in Georgia since 2001 — are committed to providing accurate information to our clients.
Understanding What Happens When Your Debts Are Discharged
The tax laws that apply in bankruptcy cases are complex, and we cannot begin to describe them here. But at the end of the day, most people who file bankruptcy do not face any special tax consequences, and filing Chapter 13 bankruptcy can help you get your taxes current.
Unlike voluntary debt forgiveness programs, bankruptcy discharges (wipes out) your debts completely. You do not receive a Form 1099 on the amount that is discharged.
Bankruptcy and Taxes · Georgia Lawyers · Free Initial Consultation
If you are concerned about the taxes and filing bankruptcy, we can answer your questions and advise you. To schedule a free initial consultation, please contact us at (404) 685-8800 or by e-mail today.