There are seldom adverse tax consequences which result from the bankruptcy filing. In fact, just the opposite is generally the case. If you make an arrangement with a creditor to take less than the creditor is owed, as is typical debt management programs, the amount that creditor writes off is taxable income to you. So, if you owes $10,000 and a creditor agrees to take $6,000 in a settlement, you will owe tax on the $4,000 that creditor writes off. However, if you file a bankruptcy and don’t pay anything, there is no tax consequences to you.
Similarly, if you file a chapter 13 and pay $6,000 on the $10,000 debt and $4,000 is discharged in the Chapter 13 bankruptcy, you will not owe tax on the $4,000.