Are There Any Tax Consequences When Filing Bankruptcy? - Bankruptcy Questions Answered 2021

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Will There Be Any Tax Consequences When Filing Bankruptcy? Call (703) 967-3315 or visit https://fishersandlerlaw.com and ask us about our $0 Down Bankruptcy Program today.

Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.

If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy under the U.S. Bankruptcy Code. You can stop harassing calls from creditors today! Get a fresh start with zero down payment for chapter 7 bankruptcy filing at Fisher-Sandler!

For the average individual consumer, filing bankruptcy and discharging debts has no tax consequences.

In contrast, if your debts are forgiven or settled outside of bankruptcy, the forgiven amount may be added to your income and subject to tax.

Filing Taxes After Filing for Bankruptcy (2021)

Is there life after bankruptcy? Absolutely, and it includes taxes. Filing an income tax return after filing for bankruptcy does not have to be a problem, as long as you know what to watch out for, including when and how to file.

If you're considering filing for Chapter 7 bankruptcy and you're expecting to receive (or have received) a tax refund, you probably want to know what will happen to that refund. The answer will depend on several factors, including when you receive it, the timing of your bankruptcy, and whether you can protect the funds with a bankruptcy exemption.

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Fisher–Sandler, LLC
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Woodbridge, VA 22192
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Fisher–Sandler, LLC
3977 Chain Bridge Rd #2
Fairfax, VA 22030
(703) 691-1642
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Fisher-Sandler, LLC
8002 Discovery Drive, Ste. 422
Richmond,VA 23229
(804) 664-3643
JF34+P3 Richmond, Virginia
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Fisher-Sandler, LLC - Fredericksburg, VA
1930 William Street
Fredericksburg, VA 22401
(540) 274-5566
7GW5+33 Fredericksburg, Virginia
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*DISCLAIMER*
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.

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