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Bankruptcy, completing 1040, 1099-C

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    #1

    Bankruptcy, completing 1040, 1099-C

    Hi.

    I was discharged in Oct 2005 for a Ch7 BK filing.

    Does anyone know if BK Ch 7 filers will get a Form 1099-C, Cancellation of Debt?

    I will also have a foreclosure, but that won't come to pass until February 2006 so that will be on my 2006 taxes. Do you know if I will probably get a 1099-C or 1099-A for that?

    Thanks!
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    #2
    No 1099 for debts included in bankruptcy. That only applies if the creditor 'forgives' you from having to pay the balance in full, such as when you do a settlement. In BK, the creditors have to abide by BK regulations-they are not doing anything by choice.
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

    Comment

      #3
      correct, you will not get a 1099 form, or any other for that matter once the debt was discharged in bk. you do not owe any taxes on that debt.

      as for 1099-i never did get any of those, ever.
      Im not an attorney or a trustee. You cant trust me either though!

      [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
      [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
      [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
      [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

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