Skip to main content
April 5, 2025
Question

I received 1099-C for cancellation of Credit Card Debt and feel like I was close to insolvence as my debt was greater than my assets?

  • April 5, 2025
  • 1 reply
  • 0 views
I had $25000 in credit card debt and went into a debt resolution program in 2023

    1 reply

    Employee
    April 5, 2025

    If your debt was discharged in a Title 11 bankruptcy proceeding, such as a Chapter 7 or Chapter 13 case, you're not responsible for taxes on that debt.