Re: 1099c??

Posted by Why Chat (209.240.205.61) on December 21, 2003 at 14:50:15:

In Reply to: 1099c?? posted by Parry on December 21, 2003 at 14:44:19:

Settled in full is not as good as paid as agreed, but it s MUCH MUCH better than a chargeoff and going into collections.

A 1099C is preferable to having the unpaid balance turned over to a collection agent who will report it as a collection item on your reports, and may sue you for the balance.

If you are insolvent, you may avoid paying tax on the amount claimed as income on the 1099.

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