A Virginia nonprofit forgave $51 million in medical debt. But the IRS may treat that forgiveness as taxable income. Here is how Form 982 protects you from a surprise tax bill.
Friends ignoring debt may look fine now, but consequences are delayed. Here’s what actually happens when you stop paying medical and student loan bills, and when it genuinely doesn’t matter.
Form 1099-C reports canceled debt as potential taxable income — but five IRS exclusions can wipe out that liability entirely. The form is also wrong more often than people realize. Here’s what to do when it arrives.
God commanded debt forgiveness every seven years. Jesus taught it as a spiritual principle. Modern bankruptcy mirrors these biblical laws so closely that legal historians trace U.S. bankruptcy law to Judeo-Christian foundations. Using bankruptcy to get a fresh start isn’t a sin — it’s a Jubilee.
Texas Attorney General Ken Paxton won a judgment requiring VA Claims Insider to forgive $6.8 million in debts. The company allegedly posed as VA-accredited, marketed free services, then charged surprise fees and aggressively collected from disabled veterans.
A federal judge rejected the Education Department’s request to delay Borrower Defense decisions. If no decision comes by January 28, roughly 200,000 borrowers get automatic loan forgiveness worth $12 billion.
While the federal government reversed medical debt protections, 14 states are fighting back. North Carolina erased $6.5 billion for 2.5 million people. Your ZIP code now determines your protections.
Quick Answer: Dave Ramsey uses religious guilt to discourage bankruptcy, but this ignores biblical principles of forgiveness, Jubilee, and fresh starts. Meanwhile, churches routinely file bankruptcy while their pastors preach against it for individuals. The shame isn’t biblical—it’s cultural manipulation. Part of the Bible & Bankruptcy Hub: This is one post in my complete guide …
Quick Answer: Free government debt erasure programs advertised online are scams, but legitimate government assistance like SNAP, housing aid, and utility assistance can free up money to pay down debt faster. Resources like the 211 helpline connect people to local financial assistance programs that most borrowers don’t know exist.You’ve probably seen the ads: “Get free …
Quick Answer: Debt settlement is legitimate but risky, allowing people to pay 40-60% of what they owe to creditors. However, it requires stopping payments for 90-180 days, damages credit scores, and often involves collection calls and potential legal action before any settlement occurs.Imagine this: You’re sipping coffee when your phone rings. Unknown number. You ignore …
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