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Another Case Stayed!


tjabq
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For those of you that don't want to take the time to read through all the "high fives", here's my intrepretation of what this link says.

tjabq was sued by a JDB (not sure about that). tjabq requested PRIVATE arbitration according to the terms of the CC agreement. Judge eventually agreed and stayed the suit pending outcome of the arbitration. JDB decided to walk away.

I see nothing that says the debt goes away...or anything that proves tjabq won't get a 1099c for the found income at some point in the future.

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What a naysayer willing is!

It is yet to be determined what the JDB Will do reguarding the stay for arbitration!

But it was stated to me by the JDB Lawyer that it is unlikely that they will want to proceed with arbitration.

willing keeps reiterating his old tired rhetoric about "nothing that says the debt goes away" and " or anything that proves tjabq won't get a 1099c for the found income"!

get this through your thick head willing, it is ALLEGED DEBT! The JDB Lawyer never proved that this alleged debt was valid! and there is no alleged found income in which for them to legally issue a 1099-c!

My last case I won, the stipulation of dismissal with prejudice also included the terms of deletion of ALL tradelines by them and NO 1099-C!

I received these terms because I threatened to sue that JDB in Federal Court for FDCPA and many other violations! Plus if they issued a fraudulent 1099-C, I stated I would file a TAX FRAUD complaint with the IRS against them!

So, the story is not over for the case willing is referring to yet but I am optomistic!

DON'T take willing's word for anything and READ THE ENTIRE POST!

You may actually learn something!

how many examples can willing give where people that were sued by JDB's prevailed entirely in Court? Just because he was probably unsuccesful, he has to be a stick in the mud about this issue!

Arbitration may give you much better results than gambling with a biased court system. That is what I was facing and would have got railroaded by that corrupted system for sure!

Give it up willing, your arguments aren't worth the internet ether they are written in! LOL!

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As opposed to "naysayer", I prefer to be called a "debunker of urban myths", or perhaps Paul Harvey's apprentice with "the rest of the story".

For example, according to IRS regulations, anyone who decides that a debt is uncollectible, for whatever reason, is required to issue a 1099c. They have no choice, even if they stipulate in a WRITTEN agreement with you that they won't. Their choice is between violating that agreement and being pursued by the IRS. Which will they choose? Tax fraud? Maybe. But which will make the IRS happier? Having someone claim you owe taxes, or having you claim you don't?

And, lurking in the background there is the IRS regs that gives them 3 years after the "identifiable event" to decide the debt is uncollectable and cancel it. You may get your 1099c in 2015.

Be sure to keep us informed as to how this ultimately works out.

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Ok, willing. If I find your real name and I decide you owe me money that you did not pay back, I will issue a 1099-c for whatever amount I see fit!8-)

That is essentially what you are saying some JDB can do without any proof of the alleged debt!

I already stated that if there is a 1099-c issued I would file a tax fraud complaint and the IRS will audit the JDB!

YOU Just don't get it!

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Okay, look...here's an oldie, but a goodie...

http://www.creditinfocenter.com/forums/showthread.php?t=250475

Pay particular attention to the posts by divemedic...

Yes, this is from 5 years ago...and we now have a "kinder and gentler" IRS to deal with...and some of the rules regarding 1099c's have changed...but...

Arbitration, civil court, and tax court are MUCH different animals. What is decided by one may not effect another...

As happened to DiveMedic, if the JDB has your SS#, the tax court may decide the debt is yours...

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Well FYI I received a 1099C for a settled account from last year, (no this was not one settled by arbitration, never got one for that case), and let me tell you, paying the taxes at my effective current federal rate of 17% is still a WHOLE lot less than a judgement and paying 100% plus cost.

Oh and by the way, I don't need to pay the 17% because right now with the housing market the way it is, I am insolvent on paper. (Maybe that is why I am having debt collectors suing me)

It would be nice if Willingtocope, were trying to help people cope by sharing knowledge of how to settle stipulating the debt would not be sold, or pointing people to the IRS website that talks about insolvency. http://www.irs.gov/publications/p4681/ch01.html#en_US_publink1000244090

But alas, willing would rather pee on our heads and call it rain, "to protect us". Thanks :wink:

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You're absolutely right. Settling for 30%...and then paying 17% of the balance in taxes is indeed less than paying 100% of the debt. It can be a good deal if everythings in writing and all the bases are covered. I've said that before.

And, you're also right that it is possible you might not have to pay that 17% if you qualify under the IRS rules for insolvency.

But, for the rest of the story...according to the current IRS rules...you must qualify for insolvency on the day immediately following the day on which the debt is canceled. And, you must include ALL your assets...401k, cash value of life insurance, etc. Plus, you must have your house appraised...or the IRS may choose to use the last appraisal by your local property tax assesor. The fact that you can't sell it for what you owe doesn't cut it. It might work...it might not. Good luck to you.

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I saw the thread Willing was involved with in 2006 and he gave sound advice; that if the alleged debt was questionable, then file a fraud complaint with the IRS. Divemedic did not give many details of his or her case, and so we only have his or her word that he was railroaded in tax court. From what I've read, tax court operates with less formal rules but you have to be prepared to justify everything you've stated on your 1040 and schedule C's etc. There is no possible reason the alleged debt could be deemed legitimate unless Divemedic couldn't prove his case. So keeping good records is of paramount importance AND taking the offensive with these JDB's so your bases can be covered.

To the OP good luck and yes, please keep us posted.

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Divemedic was a long time, well respected member of this board. IMO, his word is more than enough. If you want to jump into the archives, you'll find the complete details. I beleive he even had lawyers involved.

YEA RIGHT, We will all just take his word and yours for it! LOL

You have absolutely no credibility I suspect with anyone outside this Forum!

Just because you got hosed in a corrupt NAF arbitration hearing years ago, you think Arbitration as a whole is a bad thing!

Your rhetoric will never be something that I and many others, I suspect, will rely on as sound commentary!

You can turn blue in the face for all I care and in the future, please do not comment on any more of my threads. Your opinion is not wanted!8-)

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