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Debt Relief – Insolvency – Bankruptcy Information » Debt Relief

IRS Tax Debt and Settlement

It is very tricky to manage with IRS or tax related issues such as IRS tax debts, and also to overcome from debt is also more difficult. Moreover the IRS enforces a different nightmare to big financial companies as well as to small size entrepreneurs. However, big financial companies appoint an expert teams to furnish to IRS associated matters. For the people residing in US have the opportunity of availing some options in order to treat with IRS debt related problems. Decide whether you want to handle the tax debt solution yourself or hire someone like IRS debt arbitration and settlement companies to help you. IRS debt settlement companies mainly appoint a team of IRS experts. If the person appoints them personally to avail their services will cost him more. Conversely, … Read entire article »

Filed under: Debt Consolidation and Refinancing, Debt Relief, Insolvency

Form 982 to Avail of Reduced Taxable Income on Forgiven Debt

If you have any financial obligation that was partly or entirely forgiven, you must file Form 982 to report “discharge of indebtedness.” In most cases, the amount you have obtained as forgiven debt is included in your gross income and is, therefore, taxable. Under certain circumstances as described in IRS Code Section 108, you are allowed to exclude the discharged debt by filing Form 982 together with your income tax return. With this form, exemptions can be availed so you don’t have to pay taxes on the cancelled debt. Common exclusions include bankruptcy, insolvency, non-recourse loans and indebtedness due to real property losses. When an individual qualifies for debt forgiveness, the lender will send form 1099-C also called Cancellation of Debt. The forgiven amount appears on this form in box number … Read entire article »

Filed under: Bankruptcy Help, Debt Relief, Featured Articles, Insolvency

A Love/Hate Relationship: How your credit score can open and slam doors for you

Article by Drew Miles There are many ways to get ahead financially: attend seminars where you cut up your credit cards with hundreds of other people, participate in debt consolidation services that help you take out a home equity loan or refinance your home, or you can transfer debt on one credit card to another credit card with an introductory rate of 0% (which goes up to 12% six months down the road). The reason these methods don’t work is because we don’t concurrently cut our expenses while implementing these strategies. Even if we’re making more money, unless we cut expenses, we will continue to spend more money than we have and incur debt. Manage yourself and your money. Money is like food; we don’t eat only when we’re hungry, and … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief, Insolvency

Caution! If You Are Not Careful You May Have to Pay Taxes on Your Cancelled or Reduced Loans

Article by Seomul Evans If you are neck deep in debt and are constantly trying to make ends meet, you may get the biggest reprieve if the bank or lending institution that you are dealing with agrees to cancel or reduce your debts. Now, don’t be under the impression that this is going to be easy; however, it is not impossible either. Getting your debts cancelled or reduced is a wonderful way to start on clean slate; all your records will be cleaned and you will be free from the pesky monthly payments that were giving you sleepless nights. But if you are not careful, this boon may turn into a curse faster than you know. You may have to pay taxes on any debt reduction or cancellation if you don’t … Read entire article »

Filed under: Debt Relief, Insolvency

Repairing Credit – The Tax Implications of Settling A Debt

Article by Mark Andrade You may be lucky enough to have all or part of your debt wiped clean when you offer to settle with a creditor. This sometimes happens when you negotiate a reduced payoff and the creditor agrees to designate your account paid in full for less than the original debt. However, your initial peace of mind could leave you with a higher tax bill. People experiencing financial setbacks sometimes approach their creditors to obtain debt relief, either directly or through an intermediary such a credit counseling company. While this is relatively easy to do and more and more creditors are open to it, you should know that such a debt settlement could have negative tax ramifications. If you settle a debt with a creditor, or the creditor writes it off, … Read entire article »

Filed under: Debt Relief, Insolvency

It’s Tax Time Once Again. Exactly What To Do With Your Cancelled Mortgage Loan Debt?

Article by Jordan Taylor It has been quite a challenging year for numerous People. The overall economy is certainly in a slow down, and lots more people than in the past have had to live through this turbulent ride of this housing market. Scores have lost their homes to a property foreclosure or short sale, and now that that it is time to prepare for the taxman, it’s time for these folks to determine the tax implications all these mortgage relief programs can have on these folks this tax season. In case you’re one of the many people in america going through this situation when you file ones 2011 taxes, you could possibly just have have been given a particularly unique Christmas present from the U.S. Government. Before this unprecedented whirlwind ride … Read entire article »

Filed under: Debt Relief, Insolvency

Refinance your mortgage with the help of the government- Harp Program

Article by giovanni lambrusco Maybe you didn’t get a refinance with a traditional refinance bank, because the value of your home has decreased? Or maybe you owe more on your mortgage than your house is worth? Then the Home Affordable Refinance Program (HARP) may help you to refinance your mortgage. Many homeowners try to refinance their mortgage but are failing for many reasons. Whether you watch the financial news on CNBC or Bloomberg TV,  I’m sure you’ve heard about the existance of certain government programs aimed at helping home owners who cannot take advantage of cheap mortgage rates, just because they don’t qualify to refinance their mortgage. This “HARP loan program” is a great chance for property owners with mortgages owned by either Fannie Mae or Freddie Mac. Are You Considering Re-Financing? Homeowners who … Read entire article »

Filed under: Debt Relief, Mortgage Refinancing

The Mortgage Forgiveness Debt Relief Act of 2007

Article by Hanri Parker President Bush signed into effect on December 20th of 2007 the Mortgage Forgiveness Act of 2007. The debt forgiveness act through mortgages applies to transactions taken place in 2007, 2008 and 2009. Finding out further information is what a person must have to make an informed decision and to see if the act applies and works for the individual. There is specific information that can be attain through the Internet at http://www.irs.gov, by calling the IRS at 1-800-829-1040 or by visiting a local IRS office. Many people confuse the act with general debt relief, but this is incorrect since this act deals primarily with mortgages. The Mortgage Forgiveness Debt Relief Act provides assistance to struggling homeowners by not taxing the debts forgiven or cancelled through either buying, building … Read entire article »

Filed under: Debt Relief, Foreclosure Help, Insolvency, Mortgage Refinancing

Debt Settlement Dangers – What They Don’t Tell You

•Credit Score – A debt settlement program will most likely have a negative effect on your credit score. How much your credit score will drop will be determined by how your credit score is right now. If you have been behind on your debts for a while already, your credit score may not be affected as much. If you have a great payment history and good credit score when you enroll in a debt settlement program, your credit score will likely plummet. A debt settlement program is NOT designed to improve your credit; it is a strategy to eliminate your debt as fast as possible and for as little as possible. Maintaining a solid payment history with all of your creditors is the only way to improve your credit. •Balances can … Read entire article »

Filed under: Debt Relief, Insolvency

Nail Your Debt with Credit Card Debt Relief Options

Unpaid debt often leaves a person with a combination of overwhelming feelings that can literally send his or her life spiraling out of control. As stressful and overwhelming it can be there are a number of credit card debt relief options that could help you save money and in turn get you out of debt. Most importantly to make any credit card debt relief option work, you are advised to stop accumulating any new credit card debt and use the credit card wisely. As with high interest rates, high monthly payments, large credit lines, and late fees a credit card can dig a person deeper into debt. To attain freedom from debt, different common types of debt relief options are available like roll up strategy, debt consolidation, consumer credit counseling and … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief

Get Out of Credit Card Debt – Proven Credit Card Debt Relief Tips

Article by matt couch Credit card debts are ever massive and expensive due to the weird ways of repayment. Many people are in search of legitimate and proven ways to get out of their credit card debts. Those people who are in massive debts are in critical financial crisis and looking for debt relief tips. It is a natural thing that whenever you will be in trouble, you will choose the first tips or help you get; that first help will attract you the most. Many people declared themselves bankrupt when they saw that others are doing the same thing. This is not true and this is not fair even to demolish your financial future. This is not only your future; your whole family is involved with you. The recession period will … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief

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