See my answer to post on "collections after 1099c???"
Do you mean owe the difference to a creditor? Answer no
1099c is a confirmation that a debt has been canceled by the creditor. No further obligation of repayment by debtor is expected or can be requested.
This may be income to you according to the IRS whom also gets a copy of the 1099c.
The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.
If a copy of 1099C has not been sent to the state, how would the state know?
Yes. A 1099C is confirmation from the creditor or lender that the debt has been cancelled and collection efforts have ended. The bad news is, the amount shown on the 1099C is considered taxable income and must be claimed on your federal tax return.
assets are what the business owned and liabilities are what the business owe.
If the amount of the refund is more than the amount of the penalties, you will get a check for the difference. Otherwise, no.
The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.
If a copy of 1099C has not been sent to the state, how would the state know?
You mean you received a 1099C right...you had (cancellation of debt)income because you had a bankruptcy or failed to pay what the persdon issuing it to you had loaned you. In any case, no matter what the circumstances, the facts haven't changed....just the name of who you owe that debt to. That doesn't change anything about your accounting, taxability or reporting obligation.
See my answer to post "Collections after 1099c???" A creditor will send you, the debtor, (and the IRS) a copy if they have decided to cancel (forgive) your debt by issuance of a 1099c which means they will give up their right to any further collection of this debt.
Yes
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
Yes. A 1099C is confirmation from the creditor or lender that the debt has been cancelled and collection efforts have ended. The bad news is, the amount shown on the 1099C is considered taxable income and must be claimed on your federal tax return.
You owe the difference in what the car sells for and the balance on the note.
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
a bill is what you owe and a receipt is what you gave.
You will generally owe the difference between the outstanding balance on the loan and what they were able to sell the car for.