Dear Bankruptcy Adviser,
Can a debt that was discharged in bankruptcy over 20 years ago be collected on? I noticed on my credit report recently that a company whose debt was discharged in 1982 has made a report on that same account and indicated it was delinquent. Is this legal? How can a discharged debt be resurrected?
— Dora
Dear Dora,
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Posts Tagged ‘debt’
Paying tax on canceled debt
Thursday, April 2nd, 2009 Dear Tax Talk,
I renegotiated loans on a second home and a rental property, and the bank reduced the amounts added to principal from negative amortization. The loans are still more than the original amount. I received a 1099-C. Is this actually taxable income to me?
— Bill
Dear Bill,
The IRS has never seen the level of (more…)
Divorce doesn’t end debt
Wednesday, April 1st, 2009 Dear Debt Adviser,
My fiancee and I just got our credit reports and are planning on buying a house. To her surprise, her ex still had not taken her name off an account with a $9,000 balance and is using (another) card that is in her name only. They have been divorced for nine years! Help!
— Ted
Dear Ted,
Divorcing a spouse (more…)
Climb mountain of debt
Tuesday, March 24th, 2009 Dear Debt Adviser,
Hi, my question is I have over $40,000 in credit card debt. I have a steady job and have not missed a payment, but I am unable to keep up with my payments. I have a wife and two kids to support and a mortgage. Should I call my credit card company to, maybe, settle my debt?
— Tim
Dear Tim,
Forty thousand (more…)