Impact on next tax year after Ch 7 BK?

[audio-disabled]

I have done some research on how may bankruptcy impact my next year's tax returns.

From what I understand, I will receive certain forms that will be considered taxable income?

So does that mean, from my single full time job, I have a salary of $30k a year.

These are the following debt that was discharged:

Total credit cards: $5k

Navient charged off: $18k

Auto loan: $30k

Personal loan: $2k

So altogether, the debt is $55k.

Does that mean my reporting income will be $85k? 

If I am wrong, then can someone explain to me how will it impact my tax return? Because if it does, I'd like to be prepared to owe tax for year 2017?

[SteelerNYC]

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@audio-disabled wrote:

I have done some research on how may bankruptcy impact my next year's tax returns.

From what I understand, I will receive certain forms that will be considered taxable income?

So does that mean, from my single full time job, I have a salary of $30k a year.

These are the following debt that was discharged:

Total credit cards: $5k

Navient charged off: $18k

Auto loan: $30k

Personal loan: $2k

So altogether, the debt is $55k.

Does that mean my reporting income will be $85k? 

If I am wrong, then can someone explain to me how will it impact my tax return? Because if it does, I'd like to be prepared to owe tax for year 2017?

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No impact on your taxes for debt discharged in BK.

(In cases where there is not a BK and debt is settled for less than the amount owed, there can be tax implications. This is probably the info you stumbled upon.)