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posted Apr 5, 2025 11:48:30 AM

I received 1099-C for cancellation of Credit Card Debt and feel like I was close to insolvence as my debt was greater than my assets?

I had $25000 in credit card debt and went into a debt resolution program in 2023

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1 Replies
Level 15
Apr 5, 2025 12:06:23 PM

If your debt was discharged in a Title 11 bankruptcy proceeding, such as a Chapter 7 or Chapter 13 case, you're not responsible for taxes on that debt.