Will Ch7 affect 2008 taxes?

[downwardspiral]

What impact good or bad will filing bankruptcy have on my 2008 taxes?

[JRScott]

If your wondering about a tax return in 2009, it largely depends when you file in 2007. If you wait until the last half of 2008 to file, then it is likely your case may be carried over by the Trustee and he may take your 2009 tax return. However they've not taken anything from mine this year so if you've already filed or plan to file in the next month or two I think you'll be okay.

[Phillymanhere]

downwardspiral,
It doesn't really affect your taxes if I understand you. I mean, some people have old tax debts they are trying to get rid of .... but bankruptcy is not like debt settlement. In debt settlement, form what I understand, you have to add as income the amount you were "forgiven" in your settlement.

So if you had a 20K debt and settled for 10K, I think you have to add 10K of income when you calculate your federal taxes. But if you successfully discharge 20k in bankruptcy, you don't have to adjust your income on your taxes.

Others with more technical experience will weigh in.

[2muchstress]

i lost 2 homes through foreclosure this year and bankruptcy happened this year as well. i did my tax return this year and got a refund...
should i worry about 2009 tax return? what will i see?
i thought g. bush is temporarily disabling (?) 1099c due to house crisis.
please advise, anyone........