I am wondering after discharge, What tax forms do I get in NE?. I guess the debt discharged is considered taxable income by IRS. I wonder about cc Debt, HELCO debt, Maortgage Debt.. Any ideas?.
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No tax liability on debts discharged in bk. Go to the IRS site and type in form 982 in the search function for all the details. -
if discharged debt were considered taxable income, i'd be immediately bankrupt again! hardly a fresh start!
thank you keepmine for reassuring us
filed ch7 May 09
341 june 09
discharged, closed Aug 09
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So, If my wife is co-signer on some HELOC and If I get discharged, I assume she is responsible. And if she decide not to file bankruptcy, one day she will get debt discharge from from the bank automatically and she has to pay tax on that debt dischrged. Am I wrong?.Comment
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why would she get debt discharge automatically?filed ch7 May 09
341 june 09
discharged, closed Aug 09Comment
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because most of the debts in USA are automatically discharged after 5 or 10 years. Sometimes, the bank may issue the discharge even early.Comment
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I'm not sure where you picked up this tidbit of info but it is patently false.Originally posted by bkfdrusa View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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i think bkfdrusa may be thinking about the statute of limitations, or about charge-offs. but charge-offs are not automatic in any sense of the word, and would never happen with a secured debt. and the statute of limitations only means that they have to sue you before a number of years passes (and that number of years does fall in the range 5-10).filed ch7 May 09
341 june 09
discharged, closed Aug 09Comment
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Originally posted by music12 View Post
Not in every state is the SOL 5-10 years. JDB will also pursue very old paper. I still get collection attempts on a debt from 1995.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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My lawyer told me that. I am talking about unsecured debt only. HELOC become unsecured debt after your house is foreclosed.
As long as they do not send me a tax form I am fine. Otherwise, I have to pay taxes on that.Comment
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Originally posted by bkfdrusa View Post
You may have misunderstood your attorney.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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or the attorney doesn't know what the heck he is talking about. get a new one!filed ch7 May 09
341 june 09
discharged, closed Aug 09Comment
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Actually, I think bkfdrusa is comingling concepts.Originally posted by music12 View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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still it's the attorney's responsibility to make sure the client actually understands what he is talking about.Originally posted by OhioFiler View Post
therefore, IMHO whether the attorney doesn't know what he is talking about or is just unable to explain it clearly, he should get fired.filed ch7 May 09
341 june 09
discharged, closed Aug 09Comment
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