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Crushing Debt Podcast

The Crushing Debt Podcast is for people who want to eliminate the financial bullies in their lives. It is for listeners who want more money at the end of the month, rather than more month at the end of the money. The podcast provides answers around such topics as real estate litigation, partition, quiet title, chapter 7 liquidation, chapter 13 reorganization, and Chapter 11 business bankruptcies, short sales, loan modifications, creditor harassment and other related topics.
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Apr 5, 2018

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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