Tag Archives: stop foreclosure

Taxation of Cancellation of Indebtedness for Mortgages

October 13, 2013  |   Posted by :   |   Bankruptcy   |   0 Comments

Under the Internal Revenue Code Section 61(a)(12), cancellation of indebtedness (known as “COD”)  is considered taxable gross income.   People with distressed mortgages may be issued a 1099 by their mortgage company in several situations. (If you get the 1099, then the IRS presumes that it is income that must be reported on your tax […]

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Nye Approved for Access to Bankruptcy Courts Program

February 22, 2012  |   Posted by :   |   Bankruptcy   |   0 Comments

Nye & Associates, PLLC was approved by a special committee affiliated with the United States Bankruptcy Court for the Eastern District of Michigan as an approved law firm for the Access to Bankruptcy Courts Program.  This program is a privately funded legal aid program to assist low income persons with paying for attorneys to prepare […]

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