Hey folks! Okay, I used to post here a while back and I am probably going to need to file Chapter 7. I was the one who posted about the Marshal's Notice of Execution and was worried they would break into my house to loot my posessions. The problem is that I cannot file BK yet.
Because I owe such an insane amount of money and back taxes that I am lookiing at between 5 and 7 grand for a good attorney, which I simply do not have.
Onto my problem...
I have received a bunch of 1099's from Bank Of America that total either $68,000.00 or about $100,000.00. THOSE rat bastiches cancelled my debt, at least some of it! The reason I am not sure is that it looks like two are from the same account and they are EQUAL amounts. So either they split the debt up into two exactly equal portions or sent me a duplicate 1099.
Anyway, from what I know, this is not INCOME!! Now obviously that is truly absurd! I made aout 18 grand in 2010, but now according to the IRS I actually made anywhere between 85K and 120K?
Can this really be how it works?
I read that there are some excemptions, such as insolvency whereby if you are settling your debts and you are "insolvent" at the time, that you are excempt from this so-called "virtual income," but I know nothing about this, not to mention that I am NOT trying to settle my debts at this time, mostly because I don't have two nickels to rub together with which to settle them with!
Anyone have any experience with dealin with this insanity? Because I really cannot afford to now become libel for income on 120 grand on top of the hundreds of thousands I already owe.
Can you say, "OUCH?!!"
Because I owe such an insane amount of money and back taxes that I am lookiing at between 5 and 7 grand for a good attorney, which I simply do not have.
Onto my problem...
I have received a bunch of 1099's from Bank Of America that total either $68,000.00 or about $100,000.00. THOSE rat bastiches cancelled my debt, at least some of it! The reason I am not sure is that it looks like two are from the same account and they are EQUAL amounts. So either they split the debt up into two exactly equal portions or sent me a duplicate 1099.
Anyway, from what I know, this is not INCOME!! Now obviously that is truly absurd! I made aout 18 grand in 2010, but now according to the IRS I actually made anywhere between 85K and 120K?
Can this really be how it works?
I read that there are some excemptions, such as insolvency whereby if you are settling your debts and you are "insolvent" at the time, that you are excempt from this so-called "virtual income," but I know nothing about this, not to mention that I am NOT trying to settle my debts at this time, mostly because I don't have two nickels to rub together with which to settle them with!
Anyone have any experience with dealin with this insanity? Because I really cannot afford to now become libel for income on 120 grand on top of the hundreds of thousands I already owe.
Can you say, "OUCH?!!"
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