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  2. UCC-1 financing statement - Wikipedia

    en.wikipedia.org/wiki/UCC-1_financing_statement

    A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt). This form is filed in order ...

  3. Chapter 13, Title 11, United States Code - Wikipedia

    en.wikipedia.org/wiki/Chapter_13,_Title_11...

    The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...

  4. Cancellation-of-debt income - Wikipedia

    en.wikipedia.org/wiki/Cancellation-of-debt_income

    Generally, any creditor canceling debt of $600.00 or more is required to file Form 1099-C by January 31 of the next year following the date when the debt was canceled. [ 7 ] The creditor may be a lending institution, the subsequent holder of a note, a trustee for multiple owners of a single note or a governmental unit, but also includes ...

  5. What is a 1099-C Cancellation of Debt form? - AOL

    www.aol.com/finance/1099-c-cancellation-debt...

    The 1099-C cancellation of debt form includes the following: Creditor’s name, street address, telephone number and TIN. Debtor’s name, street address and SSN/TIN. Account number.

  6. Secured transactions in the United States - Wikipedia

    en.wikipedia.org/wiki/Secured_transactions_in...

    The most common method of perfection is through filing a financing statement (often referred to by its form number: UCC-1) in the appropriate state office (usually the office of the Secretary of State) in the U.S. state in which the debtor is located. See U.C.C. §§ 9-301, 9-310.

  7. What Is IRS Form 1099-C: Cancellation of Debt? - AOL

    www.aol.com/irs-form-1099-c-cancellation...

    If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can't simply forget about it. The IRS may consider the ...

  8. Internal Revenue Code section 61 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    One form of income listed in the Code, that of "discharge of indebtedness" is not often considered income by lay persons. If, however, a taxpayer owes a debt to any other party, and that debt is forgiven without being fully repaid, the taxpayer must as a general rule declare the forgiven amount as income, and must pay tax on it.

  9. Chapter 11, Title 11, United States Code - Wikipedia

    en.wikipedia.org/wiki/Chapter_11,_Title_11...

    Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]