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1099C-Debt Cancellation

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    #1

    1099C-Debt Cancellation

    I filled for CH13 in November 2008. In February 2009 I got form 1099-C (cancellation of debt) from my 2nd mortgage company.

    Does this mean this debt can be excluded from my CH13 debt? The balance is about 100K. Thanks.
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    #2
    See IRS Publication 908, Bankruptcy Tax Guide (www.irs.gov). Also consult with your attorney.
    _________________________________________
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006
    "A credit card is a snake in your pocket"

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      #3
      We got a 1099C on a 2nd loan modification where the lender wrote down the principle. It wasn't in our Ch13, but we're not attempting to strip the lien (sounds like you might be).

      Between state and IRS, had to pay a whopping $2000 in taxes on it.

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