 |
|
|
Forum
-> Household Management
-> Finances
|
amother
Lawngreen
|
 Fri, Apr 20 2018, 12:05 pm
| creditcards wrote: | | If you do it yourself you don't have to pay anything to the settlement company. And if you have a letter with your tax return to prove that you still owe people money they let you get away with paying the taxes. Also once the debt is in collections the interest stops going up. Interest is only added until it goes to collections. |
Good point about the taxes, although I think it needs clarification. To avoid taxes on forgiven debt one must show they are insolvent. Meaning the owe more than their assets are worth. If someone owns a house there is likely equity and therefore they are not insolvent and will have to pay taxes on forgiven debt. If someone rents, they will likely be able to claim insolvency.
| |
|
| Back to top |
 0
 0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
