06-03-2009, 08:47 PM
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At what point is COD Cancellation of Debt effective?
Is it when the creditor accepts a settlement offer and faxes confirmation?
Is it when creditor gets paid the settlement amount? Or is it when the payment clears? Or is it when I receive some sort of written confirmation from the creditor? I am working up my asset listing for my insolvency and need an exact date of when it occurs. 
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06-03-2009, 11:59 PM
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As far as I know COD is effective once the creditor agrees to settle the amount for less and sends you the settlement details in writing or confirm your the settlement details by fax.
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06-04-2009, 09:51 AM
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Thanks for the reply. Has anyone else claimed insolvency and have the answer that their tax professional gave them?
I just settled with BofA and wanted to know if I have to "inventory" my assets now or at a different time.
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