When your bills are settled, the IRS considers the amount forgiven as taxable income. For example, if your forgiven debt is $4500 and you're in the 15% tax bracket, then you'll have to pay $675 as income tax. However, you will not be liable for such taxes if the creditor settles your debt because you protest an owed amount. I have heard that there is an IRS form that one fills out that based on hardship one can be exempt from paying taxes on the forgiven debt. but I cannot find any information on this. Can you help? Thanks!

I'm past due on my uitilities right now. They sent out a disconnect notice so I contacted them to see what payment arrangements were available. None of the options they gave me are possible right now. I want to know if I can have the service put into my roommate's name, as if I moved out, in order to avoid disconnection? Anyone have any info?

Well My situation with PDL's has gotten worse. I received a call today from P and G Capital, apparently a debt collector. I guess I took out a PDL from a company called Money and More in 2008, I have no recolection of this and although I checked my bank statement I find it odd that they never took out payments. My account was never closed and everyone else debits my account (PDL's). Now this collection agency called. The loan was originally for 250.00. She did not tell me how much it was now with interest and fees. I dont know what to do.

Hi, I have four payday loans. I need help in consolidating

Hello, I am a single monther and desperately needed help paying rent so i took out two loans. Cashnetusa- $ 800 Checkngo- $ 650 I love in ohio. what can they do since i defaulted on them? Are these placed legal? Can they garnish my wages? please HELP!! thank you!

I have too many properties and NOW do not have ENOUGH income. How can I reduce my MONTHLY installaments ?

I been going around & around with Layne Bryant -No Customer Service to settle credit card dispute. since May 15, 2010- I have called 1-800 everything and all I get is automated no services . I call WFNNNB - same thing... I paid my bill on full cnacelled check in hand & I cannot get anyone to help me. This is the frustration of trying to pay a bill on time. I have e-mail my complaint - no help

What if the collector said that I must pay with a credit card over the phone? and information about the debt can not be given to me because the account has changed hands and detail about the debt must be with him only. and he will send officers to your home or place of employment if needed.

i want to sent a confrimation letter for releasing the payment due to me from a party. just guide me with the correct wordings please.

I live in the state of NJ can a judgement be made against my home (no mortgage owed) for credit card debt?