Is the debt discharged in bankruptcy considered income that has to be reported on my income tax return?
June 22, 2017I declared bankruptcy before. When can I file again?
June 22, 2017Our Professional Answer:
Chapter 7, bankruptcy discharges a 100% of all the debts you have a legal obligation to pay. There are three general categories that are not dischargeable, taxes within the last three years, student loan obligations and criminal and civil penalties. Other than those, Chapter 7 will discharge all your creditor’s debts.