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Category Archives: Bankruptcy Law

Do I Have to Pay the 1009-C That Came in the Mail?

Let’s say that last year you borrowed $15,000 in unsecured income and then later in the year declared bankruptcy. As a result of declaring bankruptcy, your loan was cancelled. If there was still a balance on that loan when it was cancelled totaling more than $600, the IRS sees this as taxable income because you...
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