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  1. #1
    Join Date
    Apr 2008
    Posts
    10

    Default Chapter 7 and Tax Return

    My question involves bankruptcy in the state of: Georgia

    I filed for chapter 7 last march and have been discharged. When i go file for taxes this year, does the government hold penalize me because i filed bankrupty?

    Thanks

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Chapter 7 and Tax Return

    No.

    Is there something more to your question? What sort of penalty are you envisioning?

  3. #3
    Join Date
    Apr 2008
    Posts
    10

    Default Re: Chapter 7 and Tax Return

    no that answered it. I thought i heard somewhere that the debt you get discharged could be consider income? Maybe i just misunderstood. Thanks for answering my question

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Chapter 7 and Tax Return

    Bankruptcy is not a taxable event.

  5. #5
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: Chapter 7 and Tax Return

    Quote Quoting Betty3
    View Post
    Bankruptcy is not a taxable event.
    But hey, you might be onto something here Betty3.

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