Latest Posts
Home > Reader Questions > I Got a 1099C Should I File Bankruptcy?

I Got a 1099C Should I File Bankruptcy?

I’m under debt program already 4 years, and still 2 credit cards ($ 20,000.00) are not settle. But I got 1099C and have to pay IRS and State around $8,509.00. I don’t have money to pay.

Should I file bankruptcy?


Bankruptcy Articles and Posts You Must Read

To get ready to read the information below with the right frame of mind, please first read How Do I Get Out of Debt Quickly? Change Your Mindset.

Bankruptcy Advice

Life After Bankruptcy

Filing Bankruptcy Yourself

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Consumer

This is information that was submitted by a third party and not generated by or Steve Rhode.
  • Damon Day

    Hello Ivonne, I would recommend you meet with a bankruptcy attorney right away to discuss the option. You don’t provide any information about your situation so we can’t advise you whether or not to do it. But if you decide it is a good option after you meet with the BK attorney, you might be able to get some money back out of the account you have been putting in the debt settlement program in order to pay for the attorney.

    You should also make a list of your assets and liabilities. If you were insolvent at the time the debts were forgiven that generated the 1099C you may be eligible to request a waiver and not have to pay tax on that forgiven debt. I would check with your tax preparer about this.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.