Re: Credit Card Charge-offs then Bankruptcy
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Posted by Robert M
(12.211.9.142) on January 08, 2003 at 00:47:45:
In Reply to: Credit Card Charge-offs then Bankruptcy posted by Last Dime on January 07, 2003 at 21:41:58:
Charge offs cannot be considered income because, legally, the debt is still valid. Only if you settle for a lesser ammount can the rest of the debt be considered taxable and only if the CC does not sell the remainder to a debt collector. The bank must provide you with the proper form to file. Probably you are dealing with some minimum wage employee who is doing all he/she can to get you to pay. If you file bankruptcy, the entire debt will be forgiven...end of story.
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