If you have stopped paying all my credit cards about 3 yrs ago. can the IRS send you 1099 to pay taxes on this unpaid bal.?
Answer
The IRS would not send a 1099 however the creditors could do so. If the debts are considered cancelled or charged off then the creditor may try this tactic. This is another reason why bankruptcy is a good option. When a person successfully completes a bankruptcy case the debts are declared "discharged" and no creditors can send you a 1099. Please visit our website at www.northtexasdebtfreedom.com
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