Legal Question in Credit and Debt Law in Florida

Received a 1099-c for a Charged off CC. They wrote the 1099c for the entire amount. Called the bank and they confirmed no more collection actions will occur. The did say that they will not report this to the credit bureaus. Shouldn't the account report as closed, charged-off, zero balance and zero past due?


Asked on 2/14/17, 9:53 am

1 Answer from Attorneys
L. William Porter, III Bogin, Munns & Munns, P.A.

A couple things- first, if they are not going to negatively report it, that is a good thing. Second, don't forget there may be a tax consequence to you because of this debt forgiveness which is typically taxed as income. You should consult a CPA on that issue.

Read more
Answered on 2/14/17, 1:33 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Florida