A: Client is advised to consult a tax advisor to determine whether client’s individual circumstances ma permit client to exclude any such discharge of indebtedness income from clients reportable income due to insolvency. For more information on tax ramifications  personally regarding a client, client should consult a CPA or Tax Attorney and/or refer to the IRS website www.ustreas.irs.gov IRS Publication 908 – “Bankruptcy Tax Guide” and IRS Form 982, Reduction of Taz Attributes Due to Discharge of Indebtedness available on the IRS Website.