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Blogs

What are the tax consequences of forgiven debt? What is a 1099C?

Submitted on Friday, October 4, 2013

If some of my debt is forgiven, will there be tax consequences?

What if you could reduce your mortgage balance by $100,000? What if your credit card debt simply disappeared? While you probably won’t see results quite so dramatic, it is possible to have your debts partly forgiven by your lenders through short sales, settlements, and other processes. Before you pick up the phone, however, you might want to consider the tax consequences of forgiven debt.

How Are Unemployment Benefits Treated in Bankruptcy?

Submitted on Tuesday, September 24, 2013

Unemployment Benefits and Bankruptcy

Bankruptcy law treats social welfare benefits differently from other types of income. Some are considered a statutory right, and bankruptcy can’t touch them. Social Security benefits, for example, are mostly exempt from bankruptcy proceedings. What about unemployment benefits? A fairly recent case out of New Jersey, In re McWilliams, 384 B.R. 728 (D.N.J. 2008), sheds some light.

The Facts of the Case

Debtor Files Multiple Bankruptcy Cases to Stave Off Foreclosure

Submitted on Monday, September 23, 2013

In re Johnson, 2013 W.L. 172455 (Bankr. D.S.C. 2013)

You must file bankruptcy in good faith, not as an attempt to game the system

The court will dismiss, with prejudice, serial filings intended to stall foreclosure with no intention or ability to reorganize and may grant in rem relief to creditors.

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