Can Creditors Collect on a Canceled Consumer Debt?

Answer State debt collection laws are for the protection of consumers. Creditors have a set period of time to involve the court system in the collection of an old debt. However, a creditor cannot involve ... Read More »

Top Q&A For: Can Creditors Collect on a Canceled Consumer Debt

Can U.S. creditors collect if you move to Canada?

It's possible for a United States-based creditor to attempt to collect a debt if you move to Canada. There are, in fact, collection agencies that specialize in collecting debts worldwide. However, ... Read More »

Where Do Creditors List 1099-C Cancellation of Debt?

Debt settlement allows payment of delinquent debt for less than the current balance. The savings for debtors are often significant, with SmartMoney reporting that unsecured debts such as credit car... Read More »

Where do creditors report 1099-C cancellation of debt?

Creditors are required to furnish Form 1099-C to debtors by Jan. 31 and to the Internal Revenue Service (IRS) by Feb. 28. Forms submitted to the IRS should be sent to the IRS service center in eith... Read More »

How to Report Canceled Debt Taxable Income?

If you owe a debt that was canceled by the lender, it's as if the lender gave you the money to pay off the debt. The canceled debt, then, is essentially income for you, and must be reported on your... Read More »