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1099-C; Received 2 forms for the same account (one in my name and one in business name)

I received two 1099-c forms one that is in my name, and one in the business name in which I did not own but was a participant in using the name to sell items.  The business owner is deceased since 2008, and the business folded at that time.  How do I file this, or should I even file this since it was tied to the business?  It is for the same cancelled debt, nearly $20,000.00.

I did not file bankruptcy, but I was considering it shortly before I received these in the mail.  Can I still file bankruptcy if I have to claim this?  Would I have an option to make payments for taxes owned, and how would I go about that?
  • Any thoughts on debt to asset ratio at time of the cancelled debt and figuring out how to go about it?  I've been to the IRS.gov site and not really sure what I'm looking for or terminology used to find what I need.
first go t o irs.gov website.. search for publ 4942 whiiich covers canellation of debt. it can help you  understand your situation better.
  • I was hoping for more of an answer than that.  I have dealt with cancelled/forgiven debt before in smaller amounts.  I was looking more for advice or how to go about the fact that I received two 1099-C for the same account one in my name and one in the business name.  The only thing remotely helpful w/the publication above was that I could possibly be excluded based on debt to asset ratio, but I still need to figure out how to go about finding out how.  Anyone got anything else to add?
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