Level 15

Debt management

Another user will likely chime in with a response, but you should be made aware that merely because the debt "falls off your credit report" does not necessarily indicate that you will not be receiving a tax reporting statement (i.e., a 1099-C) showing the debt as having been cancelled by the creditor. In that event, you will most likely have to report the entire amount of the debt as income.

View solution in original post