Archive for the canceled debt Tag

debt collection

Why consumers should not pay debt collectors Part I

TweetI know the title seems deceiving, but let me be clear I’m not advocating for consumers not to pay any outstanding debt obligations that they may owe.  But I am advocating how consumers can fight debt collectors who use illegal tactics to collect on an outstanding debt.  Many consumers do not understand what rights they are entitle to when their
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cancelled

Old debt, New Tax Laws

TweetHave you ever been issued a credit card that was charged off due to non payment?  Did you know that a charged off credit card balance is considered taxable ordinary income, according to the IRS.  Charged off credit card debt that is either canceled or forgiven may cause taxpayers to receive a 1099-C.  A 1099-C is a tax form issued
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