Legal Question in Bankruptcy in California
My son is filing bankruptcy and will lose his house. I co signed on the mortgage. Will I receive a 1099 for the debt forgiveness portion. In California. Also, I filed bankruptcy in December of 2010.
Asked on 5/15/12, 1:51 pm
1 Answer from Attorneys
Charles Andersen
Charles Andersen, Atty
My son is filing bankruptcy Debts discharged in bankruptcy are not forgiven they are discharged, so you don't owe a thing under debt forgiveness.
However, if it's a second or third mortgage, you could wind up owing and having to go the bankruptcy route yourself.
Answered on 5/15/12, 2:24 pm
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