Posted on: 31st Jan, 2010 01:00 pm
i filed for chapter 7 bankruptcy in 2009. i have not recieved any 1099c forms as of yet from anyone. is the debt cancelled in the bankruptcy considered income and do i have to pay taxes on it.
Hi billwaldorf,
The cancelled debt is not considered as your taxable income if the debt was discharged through bankrutcy. Have your debts been discharged in bankruptcy Chapter 7? If they have been discharged, you will not have to pay any taxes on the cancelled debt amount.
The cancelled debt is not considered as your taxable income if the debt was discharged through bankrutcy. Have your debts been discharged in bankruptcy Chapter 7? If they have been discharged, you will not have to pay any taxes on the cancelled debt amount.
i'm astounded by some of the bankruptcy questions i see posted here. do not the trustees in bankruptcy, or the lawyers hired by bankrupts give them any insight into what it taking place?
is the public going in blind to bankruptcy and then not advised as to what's the next step and the step after that?
can anyone with some insight provide some answers? i'm just curious.
is the public going in blind to bankruptcy and then not advised as to what's the next step and the step after that?
can anyone with some insight provide some answers? i'm just curious.
