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This is onl;y a tax form, it only reports financial events that have happened...it does not make them. An OID form is reporting original issue discount and that has nothing to do with cancellation of debt in any case.
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∙ 15y ago
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What are tax implications of debt discharged in a chapter THIRTEEN bankruptcy?
Unless it is a tax debt, none. Discharged debts are not income to the debtor.
Will a car title loan be discharged by filing bankruptcy?
No, only unsecured debt is discharged.
Can a creditor come after you 8 years later after a chapter 13 has been discharged?
If the debt was discharged in the BK, no.
Is debt that discharged in a bankruptcy proceeding considered 1099 income?
no
Do you still owe if you get a cancellation of debt?
No anything discharged is gone.
Is it better to buy a car with a horrible credit history or wait until a bankruptcy is discharged?
Wait until the bankruptcy is discharged. Dear Lord, yes, wait until the debt is discharged! Otherwise you will get stuck with horrendous interest rates which, even if you can afford the resulting inflated monthly payments, will take forever to build any positive equity in the vehicle. And remember that a discharged debt is not the same as a charged-off debt...you will still owe a charged-off debt.
Can you contact a discharged bankruptcy customer by phone?
You don't. After a BK is discharged the BK petitioner is protected from contact for further collection action for any debt discharged in the BK.
If your car was repossessed and your father co-signed for it and he is filing for bankruptcy will this be discharged?
Good news and BAD news. It WILL be discharged for him. It WONT be discharged for YOU. You will be expected to pay the WHOLE debt.
Can a judgment be put on your credit if the debt was part of the bankruptcy?
Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.
Can a discharged utility debt become a collection after bankruptcy?
A utility company may not collect any debt that was discharged in a Chapter 7/13 bankruptcy. The discharge injunction, in most cases, prevents a creditor (including a utility company) from collecting a debt that was discharged. However, the utility company can, and often does, require a security deposit before resuming utility services.
Is a discharged debt for hardship or disability considered a bankruptcy?
No, discharged debt is considered a forgiveness of debt and not a bankruptcy. Bankruptcy can only happen as a result of bankruptcy court procedure. Certain loans can be discharged due to hardship or disability, especially if there is an insurance policy in force to cover such a situation. When a loan is forgiven due to hardship or disability, the debtor's credit rating is usually not affected.
Can a repo company come repo a mower 1 year after your bankruptcy?
Yes if there was a lien on it. If your bankruptcy was discharged, it simply discharged the debt, not the collateral.
