6 Big Mistakes People Make When Settling Debt

Managing Debt

6 Big Mistakes People Make When Settling Debt

6 Big Mistakes People Make When Settling Debt

If you can’t pay back a debt you may be able to settle it for less than what is owed. The goal in doing so is pretty straight forward — you want to get the creditor to accept a lower payment amount than the current balance on the loan or account. However, getting there can... Read More

There’s No Such Thing As a Free House, Even When You Win the Foreclosure Battle

Mortgages

There’s No Such Thing As a Free House, Even When You Win the Foreclosure Battle

There’s No Such Thing As a Free House, Even When You Win the Foreclosure Battle

Some homeowners are emerging from the housing crisis with “free houses,” according to a recent article in the New York Times. According to the article, some homeowners are seeing the foreclosure cases brought against them dismissed because lenders missed key deadlines or because the statute of limitations has expired (here’s a nifty guide on states’... Read More

Is Your Foreclosure Really Behind You?

Mortgages

Is Your Foreclosure Really Behind You?

Is Your Foreclosure Really Behind You?

As Yogi Berra once said, “It ain’t over till it’s over.” Last year, the phenomena of “zombie deeds” came to light when it was discovered that homes vacated by their owners under the belief that they had been foreclosed really weren’t foreclosed at all and the owners still owned the house. Now the specter of... Read More

The Little-Known Form for Avoiding a Big Tax Bill

Personal Finance

The Little-Known Form for Avoiding a Big Tax Bill

The Little-Known Form for Avoiding a Big Tax Bill

An estimated 5.75 million forms reporting “cancellation of indebtedness income” have been sent to taxpayers this year. But how many of these 1099-C forms are correct? Given the complaints we’ve received on our blog, we suspect the number of mistakes is significant. Here are just a few examples of some of the mistakes our readers... Read More

I Can’t Pay My Taxes. What Do I Do?

Managing Debt

I Can’t Pay My Taxes. What Do I Do?

I Can’t Pay My Taxes. What Do I Do?

As much as we’d all like a refund this tax season, not everyone gets money back from the IRS. If you’re not prepared for it, owing money on your taxes can seriously stress your budgets and, potentially, your credit. If you’re not sure whether you’ll owe or be owed, there’s no better time than now... Read More

The Tax Form Everyone Fears

Managing Debt

The Tax Form Everyone Fears

The Tax Form Everyone Fears

If you settled an outstanding debt in 2013, you may have more paperwork to fill out. Creditors who forgive debts of $600 or more are required to file a Form 1099-C Cancellation of Debt, because the IRS says you must include canceled debt in your gross income. You then have to pay taxes on that... Read More

Taxpayer v. IRS: 3 Real-Life Stories When Taxpayers Won

Managing Debt

Taxpayer v. IRS: 3 Real-Life Stories When Taxpayers Won

Taxpayer v. IRS: 3 Real-Life Stories When Taxpayers Won

When Mary Catherine Fontenot received a 1099-C form in the mail listing almost $30,000 in canceled debt income, she was alarmed. Would she owe taxes on all that income? But then she went into high gear and began researching her options. She came across a story about how discharged student loan debt can trigger a... Read More

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