Quick Question Reaffirmation Agreement

[Mrsawiggins]

We reaffirmed 4,000 from a 12,000 CC debt.
They then gave us a 25% discount from the 4,000 and we paid only 3,000.
Will we get a 1099 for any of this?
We filed Chapter 7 and had the 12,000 listed on our schedules with all our other debts.

[HHM]

Let's back-up for a second.

You reaffirmed $4,000, correct? Thus, in what context was the amount then lowered to $3,000. What amount was actually stated in the reaffirmation agreement?

[Mrsawiggins]

We reaffirmed 4,000.
They then gave us a discount of 25% and lowered it to 3,000.
They didn't specify why. They just did.
Which was payable in twelve payments of 250.00 per month.
We then borrowed money from a relative to simply pay the whole 3,000 off.
Before we paid the entire 3,000, it was stated in the agreement that if we missed one payment the whole 4,000 would be due and oweing.
That is why we decided to pay the whole thing at once and be done with it.

[HHM]

So the reaffirmation agreement said, you owe $4,000, but if you make 12 payments of $250 (i.e. $3000) then the terms of the reaffirmation will be satisfied, correct?

If that is the case, you should not get a 1099.