April 2011 - Trezza Law

If I file Arizona bankruptcy can I still make charitable donations?

April 20, 2011 | by trezza_admin | Arizona Bankruptcy, Bankruptcy Cases, Trezza and Associates

Giving to charities and religious institutions is an important part of many people’s lives. Giving is an important spiritual component in many religions and plays an important role in funding a variety of important social projects. It is important to know that Congress has recognized the importance of such charitable donations and has allowed persons […]

Do you pay tax on the amount discharged in your Arizona Bankruptcy?

April 14, 2011 | by trezza_admin | Arizona Bankruptcy, Arizona Chapter 13, Arizona Chapter 7, Bankruptcy Cases

No. Although outside of bankruptcy you can be taxed on the amount of debt that one of your creditor’s discharges for you, inside of bankruptcy the IRS does not consider your discharge of debt as income. But wait a minute! You may be thinking: How can a discharge of debt be considered income? Well, the […]