Expert: Terry Leeders - 1/30/2008

Question
I have completed a Chapter 7 bankruptcy during 2007. I am unsure how, or if, I am required to report that to the IRS. I owe no back taxes, and taxes were not apart of my bankruptcy.  All of the debt that was discharged was consumer credit debt. I maintained my home,car and personal belongings.

Answer
As far as I know, there are no special deductions or exemptions to list when filing your taxes in regards to your bankruptcy.  You should mention it to your tax preparer just in case, since I am not a tax expert, and the tax code is as big as the bankruptcy code!