Re: Bankruptcy and taxes?
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Posted by Drew
(24.59.27.46) on January 08, 2004 at 22:38:39:
In Reply to: Bankruptcy and taxes? posted by peppy on January 08, 2004 at 22:35:45:
No. When you do a bankruptcy you don't have to pay taxes on forgiven debt. The only time you have to pay taxes on a forgiven debt is if the OC decides to forgive you the debt without legal measures and therefore issues you the 1099-C. Then you pay taxes on the forgiven portion of debt. You don't pay taxes when you do bankruptcy and you don't pay taxes when you settle.
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