Legal Question in Bankruptcy in California
I lost my home through forclusore in 2008 and filed for chapter 7 bankruptcy. Should I be expecting a 1099C from my first lender?
2 Answers from Attorneys
This primary source is not updated and you should seek an updated publication (it refers to 2008 returns), but it provides clear instruction on the matter assuming no changes with regard to 2009 returns:
http://www.irs.gov/pub/irs-pdf/p4681.pdf
Be sure to consult a tax and/or bankruptcy specialist in your area.
Disclaimer: the above as well as any information found on our Web site is not legal advice and should not be relied upon. It does not create an attorney-client relationship. Unilateral communications may be misconstrued as they do not address all facets, nuances, and particulars, or all means of addressing a situation. This is strictly my opinion provided for general informational purposes and it pertains to California law. Seek legal and other professional counsel before acting in relation to bankruptcy. It's worth the cost.
If the foreclosure took place in 2008, you should have received a 1099-A in early 2009. Even if one was sent that you did not receive, you are probably exempt from taxes because of insolvency.
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