Tag Archives: cancellation of debt income

Beware of the Debt Settlement Trap

Creditors, particularly when trying to collect older credit card accounts that are in default, will often offer to accept less than the full amount, in exchange for prompt payment. But you should understand some of the risks of doing this Debt Cancellation May Affect Your Income Taxes. When a debt is cancelled, entirely, or partially, […]


Financial Stress affects many Americans these days. Too many bills, not enough money. There are many things in life worth worrying about. Money is one of them, but it should not be high on the list. Your health, your family, your freedom – things like this should always rank higher. When someone is having problems […]

Cancellation of Debt Income?

I am hearing from more and more of my clients about who have received notices concerning cancellation of debt income. Some have received a form 1099C, others have gotten notices from the IRS concerning the failure to include cancellation of debt income in a prior year’s tax return. It is not unusual for debts which […]