Independence Bankruptcy Attorney

Only taxes over 3 years old are dischargeable.

Discharging debts through bankruptcy should have no tax consequence, although settling them for less than owed will.

There are many different types of tax obligations. I will assume that you are referring to income tax obligations. Your income tax obligations will remain the same after and before filing bankruptcy. However, it is possible to extend the time for repayment of past-due tax obligations by filing a chapter 13 bankruptcy.

None that you didn't already have. Bankruptcy is not a taxable event.

Your taxes just like everyone else. If have old income taxes some might be dischargeable. Get a "plain English transcript" from your local IRS office for the years in question. Take that to a competent bankruptcy lawyer. Do not hire a lawyer that does not ask for the transcript unless the taxes you owe are less than 3 years old.

Consult an accountant as to your tax liabilities.

Normally, when a debt is cancelled, the amount of debt that is cancelled is considered income by the IRS. However, this is not the case if the debt is discharged (cancelled) by bankruptcy. This is because the IRS does not consider the cancellation of your debt to be income to you if you are insolvent. You are presumed to be insolvent if you file bankruptcy.

Generally Federal Taxes less than 2 years old are not dischargeable.

Your tax obligations are not affected by a Chapter 7 or Chaptrer 13 Bankruptcy.

Your obligations to the IRS will remain the same. Any back taxes that are due will still be due and owing; however, if they are over 3 years old, you may seek to have them discharged through bankruptcy. Your present and future obligations will not change.

Discharge of debt in bankruptcy is not treated as income and is not subject to debt forgiveness tax.

More detail would be helpful, for instance, are you filing Ch 7 or Ch 13. If you are filing under Ch 7 taxes will not be discharged unless: 1) taxes due three years or more ago; 2) tax returns filed on time; and 3) tax returns were not fraudulent. Under Ch 13 taxes are a priority debt. That means they must be paid in full under the plan. This can be a very good way to deal with taxes. The above comments apply to income taxes, not employee withholding taxes.

There are no tax obligations to the creditors if that is what you are asking. Once you get your discharge, you will have no further liability to any creditors.

There are no tax consequences (e.g., getting 1099 from a creditor) when you file for bankruptcy.

That is an open question. Some tax liabilities will be extinguished by bankruptcy. There are no tax consequences to filing a bankruptcy.

You are responsible for the same things as if you had not filed a bankruptcy case.

Taxes are not dischargeable in bankruptcy.

If you're asking about whether you pay taxes on debts that were eliminated by filing bankruptcy, then the answer is no. There are no tax consequences.

There are many factors regarding taxes.

A bankruptcy has no effect on future taxes. It may, depending on what you file, affect some past taxes. This is something where you need experienced legal help. It is not a pro se project.

Bankruptcy is tax neutral. Most taxes cannot be discharged.

Filing for bankruptcy does not in and of itself result in tax obligations that you would not otherwise have. In fact, filing for bankruptcy can result in discharging federal and state income taxes if they are old enough. Also, if any of your creditors send you a 1099 for forgiven debt, you can check off the box on your federal form 982 that states that you filed for bankruptcy. That means that you won't pay taxes on that forgiven debt. In order to determine what your specific tax obligations are though, you should consult and experienced CPA.

Filing for bankruptcy and discharging debt does not create additional income tax liability.

For the most part, debts discharged in bankruptcy are not taxed.