Re: Need help for credit cards debt

Posted by JJ on August 08, 2001 at 10:36:18:

In Reply to: Re: Need help for credit cards debt posted by JJ on August 07, 2001 at 22:39:43:

It was late last night and I forgot to tell you this. If you settle for less than owed, the creditors will send a 1099C for the diffeerence that the IRS will consider as income. The only way out of that is to be able to prove you were insolvent on the date of the settlememnt or, you eventually discharge the settlement in bk.

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