1099 After vehicle buyout from bank?

[Intoodeep80]

I surrendered by SUV in my chapter 7 bankruptcy. I owed $12,xxx.xx on it at the time of my filing.

The day they called me to schedule a repossession date, they asked if I wanted to make an offer to buy it because they'd sell it at auction and probably get $3000 for it. So in writing, I submitted the offer for $3k and they accepted.

I was wondering if, in the next month or so, they could legally send me a 1099 for the $9,000 difference. Or does that difference get written off since it was surrendered in bankruptcy?

[lrprn]

I was wondering if, in the next month or so, they could legally send me a 1099 for the $9,000 difference. Or does that difference get written off since it was surrendered in bankruptcy?

The deal you struck with your lender appears to have happened after you filed bk - true? If that's the case, then the new debt has nothing to do with your bankruptcy *UNLESS* the new agreement you signed with the lender included language that relates the old pre-filing debt to the new debt. Did it?

Did you have a lawyer look over the new $3K paperwork before you signed it to ensure you weren't taking on any of the old debt in the agreement?

You didn't say whether your Ch 7 is already discharged and closed - is it?

[Intoodeep80]

The deal you struck with your lender appears to have happened after you filed bk - true? If that's the case, then the new debt has nothing to do with your bankruptcy *UNLESS* the new agreement you signed with the lender included language that relates the old pre-filing debt to the new debt. Did it? ?

The paper I signed was very basic. It just said "we accept your offer and it will need to be paid by xx-xx-xxxx. Signed, Nat City". It did not say anything else (serious).

Did you have a lawyer look over the new $3K paperwork before you signed it to ensure you weren't taking on any of the old debt in the agreement?

I did. My lawyer said go for it and congratulations. Back then, I didnt even think about the 1099, so I did not ask.

You didn't say whether your Ch 7 is already discharged and closed - is it?

Its in my sig. line (what do we have those for anyways?) lol... but yes, discharged April 2009.