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Crushing Debt Podcast

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  • Form 1099-C, Cancellation of DebtEpisode 108:Form 1099-C, Cancellation of Debt

    On this week's episode, I talk about a recent case: The mortgage lender modified my client's loan and put the arrears at the end of the loan.  Years later, the mortgage lender wrote off the debt and issued my client a 1099-C, Forgiveness of Debt, showing the home owner had phantom income.  Sometime later, the client came to me to file a Chapter 13 bankruptcy. When the lender filed its claim in the bankruptcy case, the lender included the amount of debt previously forgiven!

    The status of the law is unclear and states differ on the effect of issuing the 1099-C form (Florida hasn't made a decision as far as I know). How did we resolve the issue? If I gave it way in these notes, why would you listen to the episode?

    If you file bankruptcy and your creditors try to pursue debt previously forgiven by a 1099-C, please contact me at Shawn@YesnerLaw.com or www.YesnerLaw.com.

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Yesner Law

Yesner Law Countryside Colonial Center
2753 FL-580, Suite 202
Clearwater, FL 33761

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Shawn M. Yesner