Anytime a debt is forgiven by a creditor, the IRS requires a 1099-C form. This form reports the amount of cancelled debt and generally implements the debtor in also claiming this amount as income on their tax return. Whether...
Just a few short weeks after the airline bankruptcy announcement, news broke about American Airlines’ plans to hire financial advisers to help with their Chapter 11 restructuring efforts. Two major labor unions have...
When it comes to avoiding foreclosure, a loan modification is one the of best solutions for most homeowners. Why? Because they are the least risky for the homeowner and allow them to keep their home. However, recent reports...
Filing for bankruptcy is the top choice for anyone deep in debt, but it can be the best solution for some. Depending on a person’s financial situation and previous history a bankruptcy can provide a better source of...
Debt settlement and credit negotiations are two ways debtors seek debt resolution, but neither of these ways protects them from harassing debt collectors. When a bankruptcy isn’t right for a particular debtor, what...
