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On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release , highlighting an issue that the agency has written about frequently over the past several years: inadvertent repossessions. Failing to cancel active repossession orders when a consumer files for bankruptcy.
A property is foreclosed or repossessed. The IRS provides a list of exclusions, which include debts that were forgiven because you were insolvent or involved in certain types of bankruptcies. You may want to double-check with your bankruptcy lawyer about whether you need to claim 1099-C income relevant to your bankruptcy discharge.
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