All of that said, the Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude from income from the dischargeofdebt on their principal residence.
The Obama administration urged Congress to make it easier for people to discharge a portion of certain student debt by filing for bankruptcy protection.
They are similar in some ways to debtdischarge cases like that of David and Carla Stewart who received a 1099 from Portfolio Recovery Asscoiates concerning credit card debt that was over ten years old.