When you owe debts that you cannot pay most will look to one of two options – debt settlement or bankruptcy. What many don’t realize is that in some circumstances there is the potential for additional tax liability even if...more
The IRS has announced a new safe harbor from the discharge of debt income rules.
Debt that is cancelled, discharged or forgiven is generally taxable as income, but there are exceptions. Under one exception, certain...more
Many Arizona teachers are unaware of federal programs that can eliminate up to $17,500 of their student loans simply by going to work each day. Teachers that have federal student loans under the FFEL Program or the Direct...more
I filed bankruptcy before and now I need to file again. Is there a problem with that? As with many questions, the short answer to that is "it depends". The following are the two issues to consider....more
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