• zombie debt

    Collection Agencies Sending Out 1099-C Forms For Zombie Debts?

    It seems that some bottom-feeding debt collection companies—the ones who buy old debts that are frequently beyond the point where you can be sued for collection (what the FTC calls "time-barred debts")—purchase old debts, mark them up with incredibly high penalties and fees, then "forgive" them and write them off as tax losses and send the debtors 1099-C forms—which means you have to pay taxes on the forgiven amount. If this happens to you, here are a few things you should consider first. More »

    1:34 PM on Fri Feb 8 2008
    By Chris Walters
    11,556 views, 51 comments

    Most discussed picantel: If at the time of default you had more debts than assets you do not have to pay the so more »

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