debt has gotten so large you can no longer afford to pay it, negotiating a debt cancellation with your lender might be just what you need in order to get by. Unfortunately, your next challenge might be a huge tax bill. In most situations, if you receive a Form 1099-C from a lender, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.
http://blog.credit.com/2013/01/what-is-a-1099-c-your-top-11-questions-answered-64306/
debt has gotten so large you can no longer afford to pay it, negotiating a debt cancellation with your lender might be just what you need in order to get by. Unfortunately, your next challenge might be a huge tax bill. In most situations, if you receive a Form 1099-C from a lender, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.
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