Under the U.S. Bankruptcy Code, if a debt is discharged in a bankruptcy case, it does NOT count as taxable income. Bankruptcy-discharged debt is, therefore, much more powerful than merely canceled debt. While canceled debt may create an income tax liability, discharged debt does not. See What is a 1099c and what do I do [...]
Mark Buckley
We all handle medical problems differently. Go to any Emergency Room and you may wonder why the guy experiencing chest pains for the past week didn’t come in earlier and why the kid with the splinter is there at all. Financial problems are the same. Some delay getting financial counsel, while others are pro-active and [...]
