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I have a Debt and just got a 1099-C is that a bad thing
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*Welcome to JustAnswer,My name is WebLaw. I shall do whatever I possibly can to provide you with helpful information about the law. Please keep in mind that, although I am an attorney, I am prohibited from giving customers of the site legal advice or forming an attorney-client relationship on this forum. That said, if the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.It is good news and bad news. First the good news - the creditor has decided to write off the debt declaring it noncollectable and will typically not be taking action to collect the debt. Now the bad news – this discharge of indebtedness is considered ordinary incomeI think this is what you wanted to know. Please let me know if I have answered your question
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