1099-C and balance reporting issues!

[pizza1]

Guiness56......

What about BK7, and 1099's???? I have a feeling that I'm gonna get some 1099's from some creditors I burned in BK. if Ido, is that legal??? And for the record...., USAA I'd rough to deal with!!! They sent me a 1099 too, and they were IIB, and not reporting right either. I sent one letter and one threatening nasty letter only and that's all it took! It was changed in my reports within 2 weeks.

I still have my car insurance thru them too, lol!!! Have since 1999

[guiness56]

No, you cannot get a 1099 from a debt included in a BK.  Once you file a BK the debt is gone.

[pizza1]

Guiness56.... You are just too awesome I follow all your advice on everyone, and you are like a walking library of credit knowledge!! Lol thank you!! Btw.... I just posted a new post in "rebuilding" ... Mind taking a look?

Sorry, didn't mean to hJ this post

[guiness56]

Aww, thanks.  I appreciate the comments.

[specialksauce]

TU never responded to my dispute....i have been locked out of the backdoor so can't check to see if they labled the accounts as in dispute...

However, since I am subscribed to EX directly I got two diff alerts on two diff dates that the accounts were updated both times with past due balances increased after the inital dispute was sent out to TU on 10/22. 

EX has changed to correctly report paid, closed. 

EQ is annoying and wouldn't change, so I filed CFPB complaints and sent them the paperwork I sent EQ originally. Waiting to hear back from them. 

[sjt]

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@guiness56 wrote:

No, you cannot get a 1099 from a debt included in a BK.  Once you file a BK the debt is gone.

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I was under the impression that a 1099C is issued regardless of BK. It would not matter though because the debt forgiveness amount is offset by insolvency.

[guiness56]

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@sjt wrote:

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@guiness56 wrote:

No, you cannot get a 1099 from a debt included in a BK.  Once you file a BK the debt is gone.

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I was under the impression that a 1099C is issued regardless of BK. It would not matter though because the debt forgiveness amount is offset by insolvency.

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I have never heard of a 1099 being issued after a BK.  The BK itself wipes any debt clean so technically there would be no debt to fogive via a 1099-C.

I am by no means an expert, just logically it doesn't seem correct. 

You could be held liable for the amount on your taxes.

[exp579]

Any results from your complaint?

I have a very similar problem....BOA credit card with 1099-C issued. Credit agencies still reported the original balance.

Experian changed balance to zero.

Equifax refused to change after dispute

Transunion: Unknown

Just filed a complaint with CFPB......one for bank of america and one for equifax.

[specialksauce]

After two months, EQ FINALLY changed the balance to zero. Took a couple direct complaints to EQ and then CFPB. They finally updated to zero on 12/31/13. Now all three all report zero like it should. Not sure if it was EQ, TU and EQ directly or if USAA told them to. 

[ASCO4LIFE]

I am just realizing that my wife's foreclosure and the home equity line attached to it is also still reporting a balance. I app'ed for a CLI and they came back with a denial citing a recent delinquincy. I've been managing her finances since the event, and pay everything on time but it seems that the OC is still dinging her every month with a balance despite having sent a 1099c in 2012 immediately after the charge off. We paid the taxes on it. Could someone share the suggested format of such a dispute with the OC, the CRA or the CFPB? Im thrilled to think that I might be able to get this reduced to just a past derogatory that wont dog us every month for six more years. 

Thanks