No...and in fact it will have a much greater chance of costing you tax - because any debt that was discharged becomes TAXABLE INCOME...(because you received what you didn't pay for...the same as income)....and you will likely get many Form 1099 C for that. However, if the BK was properly handled, it provides a method to have IRS excuse this tax debt too.
No
NO
Some debts, such as taxes (including payroll taxes, most student loans and unpaid wages) are not forgiven in bankruptcy even if you file, and will not be discharged even if you are given bankruptcy relief of your other debts. And being in arrears in taxes may bar you from getting any bankruptcy relief at all . Talk to an attorney as soon as possible.
You can't. Bankruptcy does not forgive you for federal taxes.
It means the debt was written off as a result of a bankruptcy discharge, so it cannot be reported as income in a 1099 to the debtor. A write-off is a business deduction for the lender.
Doesn't change any of your legal obligations (other than the debts at the court), like filing taxes, or what is due.
It depends on a number of circumstances; often it isn't possible to discharge back taxes in bankruptcy, but it is in some cases if the back taxes are over 3 years old.
A bankruptcy is not discharged. Debts are discharged. Real estate taxes are a lien on the real estate and would not usually be discharged. Talk to your bankruptcy layer.
Any corporation can file for bankruptcy, whether or not it owes taxes. If the corporation is to be liquidated, any taxes it owes are the first priority to be paid, before the debts owed to others.
Federal income tax can sometimes be discharged in a bankruptcy, but there are several rules that apply. Only one example is, federal taxes must be at least three years in arrears before qualifying for bankruptcy discharge.
No. Federal taxes may not be discharged regardless of which state the bankruptcy is filed.
Yes