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Credit Card Charge-offs then Bankruptcy


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Posted by Last Dime (216.29.165.114) on January 07, 2003 at 21:41:58:

I am several months behind on paying CCs but may take a new job soon with better income prospects. I may be able to did out of the hole I am, but am not sure. A bank collection department called on one of my cards, and said if I don't pay immediately, they will soon charge off the debt.
According to that bank, that will cause a notice to be sent to the IRS indicating the CC debt is cancelled, and I will have to treat the charge-off amount as income. If they do that, and I then SUBSEQUENTLY have to file for bankruptcy, do I have to pay tax on the "income" ? In other words, does it matter whether the bank charges off the debt before I file for bankruptcy, as far as having to treat it as income?


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