When individuals are loaded with debt, they often choose to attempt debt negotiation. During this process, creditors may even forgive their debts.
When their debt is forgiven, individuals may be taxed. If their forgiven debt is taxable, they will receive a 1099C form from the bank. In most cases, this forgiven debt will be counted as taxable income.
If you are considering a debt negotiation, contact the Milwaukee debt negotiation lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.