Foreclosure, Bankruptcy, and Federal income tax

[mortmomof2]

Does any dischargeable debt effect our future tax liabilty. Chapter 7 - no - asset - surrendering upside down house...

i'm just wanting to make sure that the dischargeble debt doesn't count as income in any way on next year's returns...

thanks
mortmomof2

Filed 3/19/2010
341 4/14/2010
No distr. 4/15/2010

[krielly]

No. If you surrender your house in a Chapter 7 BK the balance is "discharged" and not taxable as income.