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Debt Settlement - Should You Take That Credit-Card Settlement? Credit Score, Taxes (1099-C), and Smart Strategy
Get Out of Debt Guy | Smart Debt Solutions for Your Financial Freedom
Manage episode 515933975 series 1090713
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Steve Rhode — the original Get Out of Debt Guy — and Damon Day — the new Get Out of Debt Guy — break down the real-world pros and cons of accepting a credit-card debt settlement. We explain why banks won’t deal early but suddenly send settlement letters before charge-off, how “settled for less than full balance” impacts your credit report, and what the IRS does with forgiven debt (hello, 1099-C). We also demystify IRS Form 982 (insolvency) — when it can eliminate income taxes on canceled debt, and why you might owe taxes once you’re no longer insolvent. Plus: timing mistakes to avoid, when bankruptcy may be cleaner than multi-year settlements, and how to build a plan that wins the war—not just one battle.
Explore more at https://getoutofdebt.org
Got questions or want a custom game plan? Damon can help: https://damonday.com
214 episodes
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