Debt cancellation can erase what you owe under certain circumstances, but it's not always as simple as it sounds.

The Ninth Circuit, affirming the Tax Court, recently held that to deduct a nonbusiness bad debt, the debt must be “wholly worthless,” and if the debtor reports cancellation-of-debt (COD) income, the ...

One of the key aims of the bankruptcy process is affording debtors a "fresh start" by granting them a discharge of their debts, However, the Bankruptcy Code has excepted certain debts that are ...

Chapter 7 bankruptcy involves discharging debt through liquidation. Chapter 13 bankruptcy focuses on reorganizing debt through a repayment plan that typically lasts three to five years. Filing Chapter ...

We have written in the past about exceptions to the general rule regarding a debtor’s ability to discharge debt in bankruptcy and achieve a “fresh start.” In a recent decision of interest, the Court ...

Could your debt be reduced or forgiven? Take our financial relief quiz. Find my match Could your debt be reduced or forgiven? Take our financial relief quiz. Many people believe they will walk away ...

Achieve reports that filing Chapter 7 bankruptcy without funds is possible through fee waivers, legal aid, and DIY options.

The U.S. Court of Appeals for the Ninth Circuit has found that debts relating to a securities law violation could be discharged in a Chapter 7 bankruptcy proceeding if the debtor himself was not ...

Ty Roush is a breaking news reporter based in New York City. Another 153,000 student loan borrowers will have their debts forgiven, totaling $1.2 billion in relief, the Biden administration announced ...

Financial struggles can feel overwhelming, especially if you're trying to juggle multiple issues, like mounting tax debt coupled with delinquent credit card bills or unpaid loans. Still, millions of ...