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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Originally posted by bkfdrusa View Postbecause most of the debts in USA are automatically discharged after 5 or 10 years. Sometimes, the bank may issue the discharge even early.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. -Rick
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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 09
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Originally posted by music12 View Posti 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).
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. -Rick
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Originally posted by bkfdrusa View PostMy 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.
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. -Rick
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Originally posted by music12 View Postor the attorney doesn't know what the heck he is talking about. get a new one!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. -Rick
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Originally posted by OhioFiler View PostActually, I think bkfdrusa is comingling concepts.
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 09
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