Finding your way out of rising amounts of debt usually feels daunting and nearly impossible. The anxiety associated with financial problems can debilitate your ability to work and function normally in all areas of life. Sometimes the best solution is filing bankruptcy. However, it is encouraged to utilize every effort to do your part in regaining control of your financial life.
With tax season around the corner, it is crucial to know how declaring bankruptcy affects your taxes. Here are some ways that bankruptcy can change the way you report, file and pay taxes.