Tax Form 1099 Needs A Closer Look: Chances Are It’s Wrong

By William J. Purdy, III, Simmons & Purdy (Soquel, CA)

Hundreds of thousands of taxpayers in the past few weeks have looked at or at least thought about, Form 1099-A or Form 1099-C documents they have received.

Some arrived in the tax year a debt was allegedly cancelled.
Others are issued by financial instructions many years after they should have been issued.
Some should never have been issued at all.

Some taxpayers “feel” or . . .

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Critical Case Comment – No Mulligans for Gardners

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In order for a debtor to succeed in setting aside a dismissal in a motion filed under Rule 9024, F.R.B.P., the debtor must prove specific grounds as outlined in Federal Rule of Civil Procedure 60(b). (Oxholm) In re Gardner, 2022 WL 654410 (Bankr. E.D. Mich. May 24, 2022) Case Summary Carl and Taisha Gardner filed Chapter 13 in September of...

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By The Honorable William Houston Brown (Retired) Junior mortgage lienholder not affected by modifications of senior mortgage. Under Pennsylvania law, the prepetition modification of terms of the senior mortgage had recapitalized interest and costs already owed but had not created new liabilities. As a result, the junior mortgage holder was not materially prejudiced. The Chapter 13 debtors could avoid the...

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“The calculations in Form B122C-1 are directly at odds with the calculations in § 1325(b)(2)(B).”

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Critical Case Comment

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By Henry E. Hildebrand, III, Chapter 13 Standing Trustee for the Middle District of Tennessee When the wages of an insolvent spouse are deposited into the couple’s entireties account, both spouses are fraudulent transferees; wage deposits spent on non-necessary expenditures are recoverable from the joint account by determining the proportion to the overall share of wages in the account as...

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Chapter 13 debtor that repeatedly fails to maintain payments to the mortgage servicer directly as provided in the original plan and in all amendments is not acting in good faith and has misled the court as to feasibility of the plan justifying dismissal of the case.

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Michael J. McCormick, Esq.

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This article is not mortgage-related and it is a Chapter 7 . . . BUT the order issued in this adversary is instructive regarding the bases for having records sealed in a bankruptcy case.

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Study from IZA Institute of Labor Economics – The Long-Run Effects of Individual Debt Relief

Edward C. Boltz

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Abstract: Individuals with extensive debt may be granted debt relief in court. We provide a comprehensive evaluation of the Danish debt relief program with data from court records linked to nationwide register data. Using event-study methods and quasi-random assignment of applicants to court trustees with varying admission rates, we show that debt relief leads to a large increase in earned income, employment, assets,...

Tax Form 1099 Needs A Closer Look: Chances Are It’s Wrong

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Related Articles

Critical Case Comment – No Mulligans for Gardners

Recent Study of New Student Loan Discharge Process Shows Increase in Loan Litigation in Bankruptcy

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