I'm getting sued for credit card debt and am considering either 1) trying to negotiate with my creditor (lump sum or ongoing monthly payments) 2) filing bankruptcy or 3) letting the creditor get a judgment and planning to stay judgment proof until the judgment expires in 10 years.
How would I be taxed in each of these situations, in terms of 1099s for canceled debts?
When would the taxes be due?
And how does insolvency play into each of them?
How would I be taxed in each of these situations, in terms of 1099s for canceled debts?
When would the taxes be due?
And how does insolvency play into each of them?
Federal Taxes: Unpaid Credit Card Debt and 1099s
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