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Tag Archives: forgiven debt

Is This Really Going to Be My Tax Liability When I Settle My Debt? – Joe

IRS

“Dear Steve, I understand that there may be tax liabilities on a Debt Settlement if you’re not Insolvent at the time. I know you’re not a Tax Man, but can you help me see if my assumptions are correct? $50,000 of Debt increases to $55,000 by settlement Settle at 40% = $22,000 Forgiven Debt Income = $33,000 Wife and I ... Read More »

I Want My Creditors to Forgive Part of My Debt and Give Me Payments That Are Doable. – Kathy

justball-144x125

“Hi Steve! I lost my job for the second time this past October (economy) and I have both a mortgage and significant credit card debt. I do not want to file for bankruptcy, but I can’t handle these payments, too high. How do I get some of the credit cards to forgive some of the debt and give me payments ... Read More »

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