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Handling the Different IRS Forms 1099-a and 1099-c
Did Your Mortgage Lender Send You a 1099-A and 1099-C? Wondering what the difference is between the two and need some instructions for handling these forms? Let’s dig into some of the issues your are facing.
The 1099-A
Mortgage lenders use IRS Form 1099-A to inform the [...]
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Question: I have had 2 loans out for about 2 years now, one secured one unsecured. I have been paying them throughout the 2 years on time but have recently had my hours cut from full time to part time. I am unable to afford to pay the loans and am [...]
Continue Reading →H.R. 2028, which would make private student loans dischargeable in bankruptcy, has taken the next step in the Congressional legislative process. The bill was introduced by Congressman Steve Cohen (Democrat from Tennessee) on May 26, 2011 and it has 17 co-sponsors including Jarid Polis (Democrat from Colorado). The bill has now been referred to the [...]
Continue Reading →In the rare event (in this depressed housing market) that a foreclosure sale yields surplus funds beyond that needed to satisfy the mortgage, the prior homeowner receives those funds; those funds are protected from other creditors and the bankruptcy trustee under Colorado’s Homestead exemption.
May 10, 2011, Colorado Bankruptcy Court judge B. Campbell issued the [...]
Continue Reading →Many debtors and even many bankruptcy attorneys are surprised to find out that the IRS kept a tax refund to pay the debtor’s tax debt notwithstanding the fact that the debtor filed chapter 13 bankruptcy. This situation typically arises for chapter 13 bankruptcies filed between February and May; reason being, most debtors have just filed, [...]
Continue Reading →Chapter 13 bankruptcy is the most powerful debt relief tool. Clients are often shocked to hear that because they think they are under the control of a trustee for 5 years and cannot live a normal life. That is not true. Sure, chapter 7 bankruptcies can wipe out debt, but chapter 7 bankruptcy can only [...]
Continue Reading →Question:
My friend filed for chapter 7 bankruptcy. He completed the 341 meeting of creditors about two months ago. He is close to being discharged. Can he buy a car before discharge? Does he need the trustee’s approval? He said that his mother was going to give him the money to do so!
Answer
It [...]
Continue Reading →Question:
My divorce was recently finalized; am I responsible for all debt that my ex-husband was awarded after he files for bankruptcy?
Answer:
I assume what you mean is that in the divorce decree, the Family Court ordered your husband to pay certain marital debts? The problem you encounter is common, unfortunately. The divorce [...]
Continue Reading →Question:
I am considering filing chapter 7 bankruptcy. My credit is already bad (526), is it worse to have a bankruptcy or charge offs and collections on my credit report? At this point Discover and American Express put a charge off against my credit; will a chapter 7 banrkuptcy stop this?
Answer:
Bankruptcy actually helps [...]
Continue Reading →Next to your budget (see this post), knowing the value of your assets is an important key to bankruptcy success. At first glance, this admonition may seem obvious, but most people really don’t know the value of their stuff and tend to overestimate. The problem with overestimating is that what you can keep [...]
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- Instructions for Handling the 1099-a and 1099-c After Foreclosure bit.ly/yWCnNo 3 months ago
- Restaurants and Franchise Owners Declaring Bankruptcy In Record Numbers.: bankruptcysensei.com/2010/01/08/res… 3 months ago
- What Are The Odds Of Discharging Student Loan Debt In Bankruptcy?: bankruptcysensei.com/2011/04/18/odd… 3 months ago
- IRS Form 1099-A and 1099-C After Bankruptcy, What Do I Do? bit.ly/xjbVWj 3 months ago
- IRS Form 1099-A and 1099-C After Bankruptcy, What Do I Do?: bit.ly/AA45PU 3 months ago
