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Debt Relief – Insolvency – Bankruptcy Information » Debt Relief

Registered Tax Return Preparer Study Covers Tax Angles for Home Debt Cancellation

As an increasing number of individuals are affected by debt cancellation, tax preparation companies are frequently called upon to address this matter. Forgiven debt is usually added to taxable income, but exceptions do exist. Taxpayers with cancelled debt receive a Form 1099-C from the financial institution where they borrowed money. Because this form is also sent to the IRS, paid tax preparers should not ignore it. The amount on the 1099-C is not taxable if it relates to indirect debt, such as a co-signer on a loan. Only the taxpayer who received use of the borrowed funds is subject to reporting income by not repaying the debt. However, a borrower with cancelled debt discharged in bankruptcy or caused by insolvency is not taxed on the amount. For these individuals, tax preparation services … Read entire article »

Filed under: Debt Relief, Insolvency, Mortgage Refinancing

Will I Face a Tax Liability If I Choose Debt Settlement?

A growing number of people have experienced financial hardship recently, and an equal number of these individuals, families and small businesses are considering options which may help to eliminate their debt, including debt settlement. Oftentimes, people are concerned that they will face a tax liability as a result of their canceled debt, and it’s very likely you’re asking yourself this same question. Yes, there is a possibility that you may be required to pay taxes on the amount of money you save when a creditor agrees to settle your account for less than the full balance. You see, if you choose this option, creditors are required to send you IRS Form 1099C for the tax season in which your debt was settled. For instance, if you owe your creditor $ 10,000.00, … Read entire article »

Filed under: Debt Relief, Insolvency

Credit Card Debt – Three Easy Options for Relief

Credit card debt has become increasingly prevalent during recent years. Partially due to the current economy, more and more people are spending more while making less. While there are positive and negative aspects to using a credit card, slipping into debt can be a dangerous path. Without proper financial management and fiscal responsibility, many consumers are in need of help. Three factors can help relieve debt: settlement, debt relief, and credit counseling. While these are not the only available options for eliminating card debt, they are three of the most popular and effective methods. Through solid research and determination, consumers in debt can regain financial stability by using these methods. Settlement — Excessively large amounts of debt can often be relieved (partially or wholly) through debt settlement. In order to utilize debt … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief

Benefits of Debt Settlement

The process of settling debt involves negotiating a lower payoff amount to resolve the outstanding debt you owe to a particular creditor or creditors. If you are in the situation where you are unable to bring your account to a current status, you should seek the assistance of a debt settlement company in order to discuss options for restoring your account to current status. Debt Settlement companies have established relationships with creditors and help you from feeling embarrassed or pressured to get your “Past Due” payment in, especially when you don’t have the funds to satisfy the outstanding balance. The benefit to debt settlement is the ability to satisfy a debt in full while paying less than the full amount. This can save you a substantial amount of money and drastically … Read entire article »

Filed under: Debt Relief, Foreclosure Help

Beau Biden Mortgage settlement deal a good first step

Beau Biden Mortgage settlement deal a good first step … Read entire article »

Filed under: Debt Relief, Foreclosure Help, Mortgage Refinancing

Mortgage Help For California Homeowners Through Mortgage Settlement

California homeowners will be getting mortgage help through a new mortgage settlement. www.rmilending.com Rich Iacovetta with RMI Lending explains how mortgage relief will come to some California homeowners that are upside down on their mortgage through a settlement with the country’s five largest banks for mistakes made during their foreclosure process.The mortgage help will come in the form of a mortgage refund for some and a principal reduction for others. A man finds out he can’t buy a house because his current bank is reporting him as being dead on his credit report. Steven Seagal is in trouble and being sued for his antics in trying to break up a cockfighting ring with a tank Shemwell on Shemwell The Business of Marketing Episode 4. Event: On February 9, 2012, Bank of … Read entire article »

Filed under: Debt Relief, Foreclosure Help, Mortgage Refinancing

The Effects of Debt Settlement on Tax Liability

Article by Otto Wynn (The author of this article is not a tax attorney, CPA, or enrolled agent, and this is not to be considered tax advice. If you need tax advice, you should consult someone who is certified in this arena. Did you hear about Bill Gates? He decided to give away all his shares of Microsoft and start working at a car wash in Seattle. When Larry King asked him why he decided to do it, Gates admitted that he was losing too much money on the taxes. You see—by making $ 7 an hour, he would be in the lowest tax bracket, and if he could manage to make less than $ 19,000 a year, then he would not have to pay any taxes at all! Back when he … Read entire article »

Filed under: Debt Relief, Insolvency

Washington State Attorney General Rob McKennna Discusses The National Mortgage Settlement

Attorney General Rob McKennna discusses the national mortgage settlement. … Read entire article »

Filed under: Debt Relief, Foreclosure Help, Mortgage Refinancing

$25 Billion Mortgage Settlement

Ira Rheingold, Executive Director of the National Association for Consumer Advocates, discusses the billion mortgage settlement with five of the nation’s top banks and what it means for homeowners. Sen. Franken explains the next steps now that the federal government has reached a mortgage settlement with the biggest banks. … Read entire article »

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

Online Mortgages

Whether you are buying a new house, or just want to refinance the property you already own, trying out on-line mortgages offers you the best options available. The time period mortgage applies to the mortgage that’s taken out when shopping for a home or some sort of real property property. On-line mortgages are loans that you just get on the Web as an alternative of driving to the native bank. For the reason that number of banks and monetary alternatives which you can access easily out of your laptop is so much larger than the number of banks in your hometown, you’ll be able to shop around and find one of the best online mortgages to fit your needs. You are now not caught with only a few choices. On-line mortgages … Read entire article »

Filed under: Debt Relief

How do debt relief agencies benefit?

I have a friend who is in debt and needs my help. He gets mail from different debt companies about how he can have all of the debt he has made into one simple monthly payment. I am wondering if this is really legit and how do those certain companies benefit from all of this. Thanks … Read entire article »

Filed under: Debt Relief

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