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Tag : cancellation of debt

Time-Barred Debt Collections and FDCPA

Bankruptcy & Civil Litigation, Debt Collections, Fair Credit Reporting, Fair Debt Collections Practices

“Tick-tock” goes the clock on a creditor’s legal ability to collect on a debt owed.  Known as the Statute of Limitations, state laws that vary in each state, limits the time a creditor has to file a law suit to collect a debt. If they do not sue in time, the debt is no longer […]

Tax Consequences of Restructuring Bad Debt

Bankruptcy Law Overview, Chapter 7, Foreclosure, Taxes & Bankruptcy

The November, 2009 issue of ABA Journal article entitled, The Bad-Debt Blues, explained the need to take federal taxes into consideration when restructuring debt as, “crucial.”  The article provides an excellent overview of the federal tax rules that apply to debt workouts, and focuses on the impact to individual debtors. The recent media blitz touting […]

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