I consolidated all my debt and received 2 1099-c's from the banks. In total its around 10,000. What happens if I dont report this to the IRS? I did read up about being insolvent, and indeed I settled because I could not pay my CC any longer.
I am debt free and there still trying to get money out of me, just wondered the best way to go. Has anyone else out there not filed this and what happened?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.