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<blockquote data-quote="svengandhi" data-source="post: 338085" data-attributes="member: 3493"><p>Just remember that if it is written off as a bad debt, the IRS considers it to be income to you - you will get a 1099G (or something like that) and you will have to pay taxes on the amount that is "forgiven." </p><p></p><p>Whatever you do, don't tell the creditor that you are considering bankruptcy. Even if they do now turn it over to a credit collection agency, you could have your bankruptcy filed first. However, under the current rules, I am not sure that you can escape the cc debt or just restructure it.</p><p></p><p>Good luck.</p></blockquote><p></p>
[QUOTE="svengandhi, post: 338085, member: 3493"] Just remember that if it is written off as a bad debt, the IRS considers it to be income to you - you will get a 1099G (or something like that) and you will have to pay taxes on the amount that is "forgiven." Whatever you do, don't tell the creditor that you are considering bankruptcy. Even if they do now turn it over to a credit collection agency, you could have your bankruptcy filed first. However, under the current rules, I am not sure that you can escape the cc debt or just restructure it. Good luck. [/QUOTE]
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