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Cancellation of debt is not always taxable, although when your debt is cancelled and you save more than $600, the creditor is required to send you what’s called a 1099-C form. This form reports [...]

Cancellation of debt is an IRS term. When you settle a debt, the creditor will issue you a 1099-C (“Cancellation of Debt”) form reflecting the amount of the debt cancelled through the settlement, [...]

As a practicing bankruptcy attorney, I’ve seen people make many of the same money mistakes, year after year, time and time again, and I’d like to point a few of those out to you. One very common [...]

Whether or not your debt settlement will have tax implications is determined by the IRS code. This is a question best left to your CPA, but the general rule is that if you had a positive net [...]