Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Featured Articles

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

HARP Loans

The current housing crisis in America has left many homeowners in trouble on their mortgages. The government instituted the Home Affordable Refinancing Program (HARP) as a way to help these homeowners refinance their home. Unlike traditional mortgages, HARP loans are available for owners with no equity in their home. In fact, you can owe up to 125 percent of your home`s current value and still qualify for HARP. Prerequisites for qualifying for HARP include having a Freddie Mac or Fannie Mae guaranteed mortgage with no late mortgage payments within the past year. You must be able to prove that refinancing your home will stabilize your financial situation and enable you to keep your home. To apply for a HARP loan, contact your lender to discover if you have a Freddie Mac or … Read entire article »

Filed under: Featured Articles, Mortgage Refinancing

Is debt consolidation a legal way to eliminate your debt?

Debt consolidation is a process where you can consolidate your multiple payments into a single monthly payment to make it affordable to pay off. In a debt consolidation program a proficient debt arbitrator negotiates with the creditors to lower the interest rate on the principal balance thereby lowering your monthly payment to make it unaffordable to pay off. Here are some important points to consider about the debt consolidation process: When you plan to hire the services of a debt consolidation company you are required to sign a written agreement with the consolidation company. But before you sign a contract with the consolidation company make sure that you read the terms and clauses thoroughly. When you enroll in a debt consolidation program, your financial situation will be reviewed by the debt consolidators. They … Read entire article »

Filed under: Debt Consolidation and Refinancing, Featured Articles

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player