Home
Public Forum
Credit Reports
Apply For Cards
Credit Directory
Credit Overview
Credit Problems
Credit News
International
Credit Glossary
Purchase Books
Credit Laws
Business Credit
Merchant Accts
   

Re: Bankruptcy: re credit card debt and unemployed


[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by Drew (24.59.27.46) on February 05, 2004 at 14:26:05:

In Reply to: Bankruptcy: re credit card debt and unemployed posted by deepindebtintexas on February 05, 2004 at 14:03:27:

If they issue you a 1099C, it will be issued in this calendar year so you won't have to pay taxes on it until next year. Also since you don't have a job, you are insolvent so you will fill out the form 982 to go along with the 1099C. That way you don't pay taxes on it.

A 1099C can be a blessing. It is a form granted by the creditor that states that they completely forgive you your debt. They cannot come after you once they issue you that form. THey can't sue you. They cannot sell the account to another collection agency. The debt is officially gone.

If they send you a 1099C, hold onto it for dear life. Make copies. Even if a person has to pay for it, they only pay taxes at their current tax rate and the taxes that you owe will more than likely be offset by the taxes that you paid.

They cannot take anything from you until they sue you and get a judgment.

I hope your situation improves.

Good luck.


Follow Ups:



Post a Followup

Name:
E-Mail:

Subject:

Comments:

Optional Link URL:
Link Title:


[ Follow Ups ]   [ Post Followup ]   [ Credit Forum Index ]

 

    Top Of Page

  

Copyright © 1999-2004 Enkephalos Web Design