Re: Another question in reference to settlements

Posted by JKelly (141.151.16.185) on March 20, 2004 at 10:13:45:

In Reply to: Re: Another question in reference to settlements posted by Randy on March 19, 2004 at 23:39:45:

That's fine as long as you don't mind receiving a 1099. You will have to pay taxes on the amount that they have forgiven unless you can prove that you were involvent at the time it took place. Also, it is common for a creditor to sell the remainder of the debt to a CA. Just when you think you are home free, you starting getting harassed from yet another CA.

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