Tag Archive: debt settlement

Bankruptcy helps avoid tax due on forgiven debt

When could you have to pay taxes on money that you owe? When someone, like a credit card company, forgives the amount that you owe. The IRS calls this “canceled debt” or “forgiveness of debt income” and it’s something that you need to watch out for if you owe money that you aren’t paying back.
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Debt settlement isn’t usually the best option

Why you should educate yourself about bankruptcy as an option before going the debt settlement route.

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