debt settlement tax

Debt Settlement: The Good, The Bad, and The “What Did I Just Sign?”

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Imagine this: You’re sipping coffee when your phone rings. Unknown number. You ignore it. Five seconds later, it rings again. Same number. You sigh, answer, and suddenly… it’s a debt collector demanding payment NOW or else. Your heart pounds. Do you:A) Hang up and pretend you never got the call?B) Try to negotiate, hoping they’ll …

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Taxes On Debt Settlement

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Why must I pay Taxes on Debt Settlement? The concept, although quite simple, can actually be very confusing for consumers, especially because of false information offered by some debt relief sales people. The bottom line: Unless exempted by the insolvency rules or another exemption, you will owe taxes on debt that has been forgiven by …

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