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Pay No Tax On Debt Discharged In Bankruptcy

By Cathy Moran

discharged debt

Debt discharged in bankruptcy is tax free, even if you get a 1099 claiming otherwise. It’s unnerving when you get a 1099 after you thought the debt, and all its complications, were gone. But for bankruptcy clients, the answer is simple: Debt discharged in bankruptcy is not taxable. Tax on cancelled debt The tax code […]

Filed Under: Consumer Rights, Taxes Tagged With: COD, discharged debt

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About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

Speak Fluent Bankruptcy: Guide To Essential Bankruptcy Terms

Bankruptcy has its own language.  If you are considering filing bankruptcy, it helps to know the language spoken there. Master just a couple of words and phrases, and input from a bankruptcy lawyer starts to make sense. So, in our continuing campaign for better understanding of bankruptcy, here's a dozen … Read more

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