insolvency question
Date: Mon, 02/20/2012 - 17:08
My question is: what is the date that you use to take a "snapshot" of your finances to determine solvency. Is it the date that you reach an settlement over the phone, the date that is on the letter they mailed, the day of the last payment, the date on the 1099 or something else?
I recently reached a settlement with Chase. I have made 2 payments with 2 more to go. I have also started negotiations with BOA. As of right now we are insolvent but if we sell our house we will become solvent (barely). We are currently under contract but as it is a short sale, it will take a several months to close.
I recently reached a settlement with Chase. I have made 2 payments with 2 more to go. I have also started negotiations with BOA. As of right now we are insolvent but if we sell our house we will become solvent (barely). We are currently under contract but as it is a short sale, it will take a several months to close.
Yes, you would get a much clearer picture of your overall financ
Yes, you would get a much clearer picture of your overall financial condition if you enlist the help of a tax consultant.
Insolvency is based on the date the debt was forgiven.
Insolvency is based on the date the debt was forgiven.
That is precisely my question. What is the date the debt is con
That is precisely my question. What is the date the debt is considered forgiven? I assume it will show on the 1099 but what will be on it? a. the day we reached a settlement agreement b. when the recorded my last payment c. whenever they get around to it. Sorry if I wasn't clear before.
The date you paid the settlement amount. I would use the date t
The date you paid the settlement amount. I would use the date the payment cleared your account.