Should I Inform My Tax Preparer About My Bankruptcy Case?
If you are considering bankruptcy, you may be wondering if you need to tell your tax preparer. The answer is maybe. It depends on the type of bankruptcy you are filing and whether or not your taxes are part of the bankruptcy.
If you are filing for Chapter 7 bankruptcy, your tax preparer does not need to know. This is because all of your assets will be liquidated to pay off creditors. Your tax return is not considered an asset.
If you are filing for Chapter 13 bankruptcy, your taxes may be included in your repayment plan. In this case, you will need to tell your tax preparer so they can help you determine if your taxes are eligible to be included in the repayment plan.
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