When is Canceled Debt Taxable?
While a few debt resolution strategies are focused on restructuring debt, many involve cutting down the amount paid. Some examples include: Negotiating directly with creditors to settle debts for less than the outstanding balance Debt management plans in which non-profit credit counseling agencies negotiate on behalf of a consumer to cut down debt Debt settlement […]
Reaffirming a Car Loan in a Las Vegas Bankruptcy
When you file for Chapter 7 bankruptcy, the key benefit is that many unsecured debts are discharged. That means you are no longer legally responsible for paying them. However, you cannot simply discharge a secured debt and keep the property that serves as security for that loan. This issue arises most often in connection with […]