tagteam
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.

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