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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Debt Settlement, 1099 for Credit Co, and Insolvency?

Debt Settlement, 1099 for Credit Co, and Insolvency?

For Credit Card debt settlement, what happens if one spouse is insolvent, but the other isnt?

I am trying to settle my cards, and know about the insolvency clause. However, if my spouse and I file joint, how would I alone be able to prove insolvency by IRS standards?

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2 Responses to "Debt Settlement, 1099 for Credit Co, and Insolvency?"

  1. v b says:
    Not easily. Get IRS publication 4681 and start reading. Keep in mind the IRS will question any attempt to list a joint asset as 50% yours and the associated debt as 100% yours.
  2. Truth B says:
    The insolvency instructions from the IRS.

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