Your question is a little ambiguous; however, it's clear that you have cancellation of debt income and it sounds as if you'd like to try and qualify for the insolvency exception for that income. If so, I would strongly recommend that you consult with a competent local tax return preparer who is familiar with the insolvency exception. You could also consult with the Voluntary Income Tax Assistance program run by the Bemidji State University. The information page on the university's website is here: http://www.bemidjistate.edu/academics/departments/accounting/professional_development/vita/
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You cannot wipe out taxes during a bankruptcy UNTIL they are at least 3 years old.
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I couldn't really have said it better myself, Mr. Atchley. See 26 USC § 108 (http://www.law.cornell.edu/uscode/text/26/108). See specifically § 108(a)(1)(B) relating to insolvency; § 108(a)(3) (limiting exclusion to the amount by which the taxpayer is insolvent); and § 108(d)(3) (defining "insolvent"):
"For purposes of this section, the term 'insolvent' means the excess of liabilities over the fair market value of assets. With respect to any discharge, whether or not the taxpayer is insolvent, and the amount by which the taxpayer is insolvent, shall be determined on the basis of the taxpayer’s assets and liabilities immediately before the discharge."
So if your net worth was negative *before* your student loans were forgiven by an amount greater than the student loans, you can exclude the entire cancellation of debt income and wipe out your tax bill. You demonstrate this by filing Form 982 with the Service.