Legal Question in Bankruptcy in New Jersey

Tax implications

After a bankruptcy petition has been granted,is the discharged debt subject to income tax ie; credit card debt.


Asked on 4/12/05, 12:44 pm

1 Answer from Attorneys
Stuart G. Brecher Law Offices of Stuart G. Brecher, LLC

Re: Tax implications

No income tax on amount of debt discharged in bankruptcy. Outside of bankruptcy, foregiveness of indebtedness income may be taxable.

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Answered on 4/17/05, 4:05 am


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