Re: Settlement with OC Safe? CITI
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Posted by Taziblue
(4.170.223.17) on July 16, 2004 at 11:47:46:
In Reply to: Re: Settlement with OC Safe? CITI posted by JKELLY on July 15, 2004 at 23:28:04:
If you are going to settle, make sure you get it in writing that the balance of the debt will be forgiven and you will be issued a 1099C. That is forgiveness of debt and that is the end of it. YOu will have to file with the irs on your next tax return. THe good news is that if you are insolvent (more debt than assets) you can file a form with irs and you will not owe any money on the forgiven debt. Otherwise, they will take your money and sell the account to a bottom feeder.
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