Clients are advised to consult a tax advisor to determine whether their individual circumstances may allow them to exclude any such discharge of indebtedness income from their reportable income--due to insolvency. see also http://www.justsettlemydebts.com For more information on tax ramifications personally regarding a client, you should consult a CPA or Tax Attorney and/or refer to the IRS website http://www.ustreas.irs.gov IRS Publication 908 Bankruptcy Tax Guide and IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness available on the IRS Website.
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