Tax Consequences of Bankruptcy

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There are no tax consequences for filing for bankruptcy.  There is nothing to list on your tax return.  Some creditors issue a 1099 for forgiveness of debt.  This is not correct.  You do not have to report forgiven debt if you file for bankruptcy.  In contrast, if you do not file for bankruptcy, forgiven debt can cause a tax issue that can result in taxation (but not all the time).  Consult an accountant if you are in this situation.  You need the help of a professional, not a website or computer program.

When you need a Grand Rapids Bankruptcy Attorney, remember to call Krupp Law Offices PC for fast honest advice about your financial problems and get honest advice about your options.  Krupp Law Offices represents clients in cases throughout West Michigan, including the cities of Grand Rapids, Kalamazoo, Big Rapids, Ionia, Muskegon, Grand Haven, Stanton, Greenville, Wayland, Allegan, Holland, Ludington, Cadillac, Baldwin, Newaygo, White Cloud, Fremont, Coopersville, Reed City, Lake City, Hart, Hastings, Middleville, Wyoming, Rockford and Portage, including Kent County, Ottawa County, Newaygo County, Ionia County, Mecosta County, Barry County, Montcalm County, Allegan County, Kalamazoo County, Osceola County, Lake County and Muskegon County, Michigan.

Call for a free phone consultation.  Our office can help.

KRUPP LAW OFFICES PC
161 Ottawa NW Suite 404
Grand Rapids MI 49503
616-459-6636 or Mail@krupplaw.com

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