Bankruptcy is not a quick cure for wiping your credit slate clean and giving you a fresh start. Alimony, child support, and most taxes survive bankruptcy and will still be owed. Declaring bankruptcy is a last resort to solving financial problems.

Here are some things to consider:

• Consult a credit counselor for help. The National Foundation for Credit Counseling offers bankruptcy information and may have a local non-profit affiliate near you.
• If you declare bankruptcy, you may be creating a separate entity called a bankruptcy estate which has its own tax filing requirements. This depends on both the type of entity petitioning bankruptcy and the chapter. Refer to Form 1041, U.S. Income Tax Return for Estates and Trusts (PDF), and the Form 1041, Instructions (PDF), for further details.
• The IRS will be working with your bankruptcy trustee for the proper handling of any federal tax refunds or credits.
  

For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide.