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• How to ruin a good debt settlement offer

  Published: June 11, 2008, 3:13 pm

  Tags: Articles Resources, Agreement, Bad Advice, Cancellation Of Debt, Ceo, Clause, Collections, Creditor, Debt, Debt Negotiation And Settlement, Debt Settlement, Debtor, Debts, Disputes, Dodgy, Exact Language, Fancy Footwork, Fix, Form 1099, Income, Income Tax Return, Income Taxes

  so I don't know the exact language of the recommendation. But the basic idea is that a special clause be added to the settlement letter with the aim of avoiding income taxes on the cancelled debt. A little background first. When a creditor forgives or cancels a debt, and the portion forgiven is $600 or greater, the creditor is required

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