♪ Bymaster Bankruptcy, makes it easy to file bankruptcy ♪ Hey John, I think getting a ten ninety-nine after bankruptcy can be confusing. Are they supposed to pay some sort of tax on it? No, when you get ten ninety-nine after bankruptcy you don’t have to pay any tax for that obligation and that’s because any debts that were discharged in a bankruptcy will not require a tax to be paid on the forgiven debt. Your ten ninety-nine will not require for you to pay anything. However, there are some very rare exceptions that we should probably also cover. Now the general rule that you’re not going to have to pay taxes on any debts that were discharged in the bankruptcy. The forgiveness of debt will not result in a taxable ten ninety-nine you will receive. However, with any general rule there always some exceptions. So let me point out at least two of those. Number One: If you took a depreciation schedual on a property that you later discharged in a bankruptcy when it surrendered it may result in a situation where you may have to pay some of those depreciation taxes back. Number Two: Sometimes when you settle a debt before bankruptcy and then you wait to file bankrutpcy it’s at least possible that you will have to pay back some taxes. Now with those two exceptions we’ve gave you and of course any other complicated tax matter you may incounter We always advice you talk to a certified public accountant to review with your situation. ♪ Bymaster Bankruptcy has everything! ♪