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Bankruptcy Discharge Slays IRS Form 1099

By Cathy Moran

form 1099

In a duel between a tax Form 1099 and a bankruptcy discharge, bankruptcy wins every time. The prize?  no tax on debt discharged in bankruptcy. So, if you’ve already gotten your discharge, the creditor’s 1099, with your social security number on it, is no threat. But you do need to file another form to secure […]

Filed Under: Consumer Rights, Taxes Tagged With: 1099, 2019

Tax Trap When You Settle Debts Outside Of Bankruptcy

By Cathy Moran

debt settlement

Trying to decide between bankruptcy and debt settlement as the better path to financial health? Own a home? Here’s the killer reason why bankruptcy alone protects you from a serious tax consequence down the road. Debt forgiven outside of bankruptcy gets deducted from the basis of your home.   Result:  more potentially taxable capital gains on […]

Filed Under: Considering Bankruptcy, Consumer Rights Tagged With: 1099, cancelled debt

Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

How To Pay For Bankruptcy When You’re Flat Broke

One of the cosmic ironies of our legal system is that it costs money to file bankruptcy. Bankruptcy gets you out of debt only if you have the money to file. The costs of bankruptcy include the filing fee collected by the court; the required credit counseling; and, if you're smart, an experienced lawyer to make sure … Read more

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