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  1. #2
    Join Date
    Sep 2005
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    Default Re: Credit Card Debt - Should I Also Let The House Go?

    These are decisions to make in consultation with your bankruptcy lawyer.

    Read about Chapter 7 Bankruptcy here. It's a discharge, so while there may be some repayment during the process (if you have non-exempt assets), once it's over your credit card debt is wiped out.

    I don't know what you mean by the "difference of taxes". I assume you mean, will you receive 1099-C's for the debt that is discharged. You should not, and if you do you can object (see IRS Form 982) - bankruptcy is not a "write off", and you don't get taxed on the discharged amount.

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