What effect will bankruptcy have on my income taxes? Will I have to count fogiven debt as income?

I had a chapter 11 finalized in 2006 and am concerned that the absolved debt will be counted as income and I'll have to pay taxes as such. Any help?

Public Comments

1. you do not have to worry about forgiven debt that is not income only the income you actually made is taxable
2. You do not have to count any debt that was absolved in bankruptcy as income. http://www.irs.gov/publications/p908/ar02.html
3. I think billc4u is incorrect. Forgiven debt usually counts as income. http://www.bankrate.com/brm/itax/news/20030303a1.asp But if I had to guess, they waive that in bankruptcy.
4. go to this page, fill out the form and take it from there. you'll be debt free in no time!