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I was in the mortgage business and saw more than one bankruptcy by friends and fairly large companies. The amount charged off does not get charged as income on IRS the following year unless thats something new in the couple months. If it did nobody would do bankruptcy because the IRS would take all their shit for non payment and freeze all assets and then put people in a even bigger hole.
Sometimes bankruptcy is good for companies and people who might have got screwed by a company but alot of people do it every 7-10 years because they cnt pay their bills. Sports stars and celebs are the worst at paying bills, we used to have some ball players buy houses but credit was terrible because they didnt have accountant pay stuff.
Good Luck
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