February 1, 2017
A common question we receive as bankruptcy attorneys at this point in the year is, “why did I receive a 1099 and what does it mean?”
There are two types of 1099 forms that are commonly received. The first is a 1099-A. This is not a cause for concern. It may be issued by a creditor who held a debt, such as a mortgage debt, because they are required to file the form with the IRS to reflect it has acquired your property. This is a purely informational return that is given to the IRS. It does not mean you have any liability.