Re: If I settle a debt, do I pay taxes on "gains", and to whom?

Posted by shawn on December 31, 2001 at 17:07:57:

In Reply to: Re: If I settle a debt, do I pay taxes on "gains", and to whom? posted by Linda on December 18, 2001 at 08:29:49:

When you settle - it shows to other creditors that you paid what the creditor wanted. It is true that settlments look really bad on your credit reports - however, it is better then paying high interest rates, late fees, and it is much better then when you file chapter 13 or 11.

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