Cancellation of Debt Notice

[manofgod824]

Received a Cancellation of Debt notice from the bank, claimed the debt as earned income on taxes. What is the next step in getting the title or bill of sale? Still receiving repo calls.

 

[army judge]

Received a Cancellation of Debt notice from the bank, claimed the debt as earned income on taxes. What is the next step in getting the title or bill of sale? Still receiving repo calls.

We need more facts to help you.

This must have something to do with a debt.

Was this debt the result of a car purchase, a home, or some other goods?

What are you trying to do?

Has something be repossessed?

 

[manofgod824]

Thanks for your help

Yes, it has to do with a debt, my car purchase. I want to keep the car and reach a settlement if possible. owed 11k charged off 97k. Unemployed 13 months unable to make a payment hid car out of state, received Cancellation of Debt notice and recived no futher instructions.

 

[army judge]

Yes, it has to do with a debt, my car purchase. I want to keep the car and reach a settlement if possible. owed 11k charged off 97k. Unemployed 13 months unable to make a payment hid car out of state, received Cancellation of Debt notice and recived no futher instructions.

You should understand, that what you did is illegal.

The car isn't yours because the debt has been charged off.

A car loan is secured.

The surety is the car.

The car belongs to the lender.

They probably want their car back.

You don't get to avoid the "repo" mam for a year, have the debt charged off, and keep the car.

What you've done is a form of conversion or fraud.

Bankruptcy won't even let the debtor keep the car without reaffirming the contract.

You'd better give them their car back.

What you're trying to do can result in criminal charges against you.

If it were unsecured junk, you could get away with this.

Cars are secured junk for this very reason!!!

 

[manofgod824]

Thank you, will make arrangements immediately...