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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "Income"

Basics of Cancellation of Debt Income

Cancellation of debt income may be defined as the amount of debt forgiven by a creditor without requiring any considerations in return. The amount of debt forgiven by the cancellation of debt by a creditor might be considered as income to the debtor and hence would have to be reported as part of the individual’s gross income. Usually, such income might fall under the tax purview and may be taken up as ordinary income to the taxpayer. Hence the amount would be known as cancellation of debt income or CODI. If the cancellation of debt income might be taxable, then the debtor would be given a Form 1099-C at the financial year end where in the amount of the forgiven debt would be shown as taxable income. For example, if … Read entire article »

Filed under: Bankruptcy Help, Insolvency

Mortgage Forgiveness Act Provides Income Tax Relief To Foreclosed Householders

Article by Terry Henry What’s positive about being foreclosed upon or selling your home for but you owe? Well, for most people, not much. Yes, you are relieved of an onerous mortgage loan and you are currently free to seek out housing that is more reasonable among your budget. However not everyone fully understands the lingering effects of a foreclosure because it pertains to the mortgage debt forgiveness. This applies to foreclosures, short sales and a deed in lieu of foreclosure. Foreclosure will be one among the most devastating things a home-owner will face. At a minimum, they will finish up with broken credit. Till recently, the tax laws more penalized homeowners who were relieved of mortgage debt obligations with extra taxation. Homeowners owe taxes on the quantity of the debt obligation … Read entire article »

Filed under: Foreclosure Help, Insolvency, Mortgage Refinancing

What income are they looking for for the “making home affordable” program.?

I want to refinance, not modify. Do they want to see that I make alot of money or a little? I know to refinance you must show you make a decent amount of money. They are asking for my bill totals and income, does anyone know the ratio or what they are looking for? … Read entire article »

Filed under: Mortgage Refinancing

Mass Income Multiplier – Best Product – Best Epc

Revolutionary Software That Truly Works! Copy Tweaked By Chris X | Huge Epc: Up To $4.05 | Real Software, Real Profits, Real-time Proofs | 10000$ In Cash Prize | Unique Cpa Program Also Integrated. Http:// Mass Income Multiplier – Best Product – Best Epc … Read entire article »

Filed under: Debt Relief


My wife had $10,000 in credit card debt forgiven via settlement. It was her debt alone. We file jointly. I have a worksheet to determine insolvency. In adding up assets and liabilities, do I include just hers or must I also include mine? We have no joint assets except a checking account. We own no property. I own the car. Are the value of IRAs included in the assets or is it excluded? Thank you! A welcomed response stated that we have to file married filing separately to only list my wife’s assets and liabilities to establish insolvency. I live in North Dakota that is NOT a community property state. Does this change the need to file MFS? … Read entire article »

Filed under: Insolvency

Tackling Private/Federal Student Loan debt consolidation with 100% income?

I have a plan this school year, to take out federal student loans, collect whatever grants and scholarships I can, and handle the remaining expenses with a private student loan from who I bank with (Wells Fargo). Then, consolidate those loans, and throw 90%-100% of my income at it automatically for the whole school year. All things considered, dorm, declining meal balance plan, tuition, and books. I’m looking at total expenditures amounting to over $18,000 USD I earn approx $15,000 USD per year at my current job. Living on campus would be cheaper for me than to continue staying in my own apartment. I figured that if I have things like living expenses already covered by the loans (food, dorm), and I only get like $50 for myself out of my paycheck, and … Read entire article »

Filed under: Student Loan Help

How would I enter my income and AGI for student loan consolidation ?

Before I drive to see a financial aid person at the college. I am filling out an online application to consolidate my student loans. I am almost done, however, my 2009 AGI is lower than my present source of income. I put in my 09 AGI and entered my current amount of income. Sense those two do not match will not allow me to continue. Do i enter my new AGI (current) because technically I have not filed my 2010 taxes yet. Should I just send in a paper form with my 09 taxes with a current paystub? … Read entire article »

Filed under: Student Loan Help

Income Investing Secrets System

Pays 75% — $31.86 Per Sale To Affiliates. Healthy Conversions. Affiliate Tools — Articles To Video, 40-page Free Handbook. Good Product For Bad Economy, Bad Stock Market. Millions Of Investors Worried Now Http:// Income Investing Secrets System … Read entire article »

Filed under: Insolvency

is there a bankruptcy attorney out there who can help a low income family immeadiately?URGENT!!!!!?

need an attorney today as bank wants our vehicles or $2500 back payment (we don’t have that much & can;t get it)HELP!!!!!! … Read entire article »

Filed under: Bankruptcy Law

Is it better to put real income properties in question of ownership rights in receivership?

There are several properties in question but currently the monies from the property are going to the defendants, but I’m getting stuck with the bill(s). and what is a normal bond cost for a court appointed receivership. … Read entire article »

Filed under: Insolvency

Does debt consolidation have to be reported in gross income?

If someone is paying an 18% tax rate on a credit card debt and then take out a loan to pay off the debt (and pay 10% interest)…does this debt consolidation need to be reported in gross income when filing your taxes? … Read entire article »

Filed under: Debt Consolidation and Refinancing

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