No. of Recommendations: 0
Thanks for the info on paying the judgements. I will. What about the charge-offs where there is no attempts at collection? Do you think I should pay them?

When you incurred the debt, you made an agreement to repay it. You should try to repay the debt if at all possible.

Also, if it hasn't been mentioned, the amount of debt forgiven by each creditor will be reported to you on a form 1099-MISC if the debt forgiven by that creditor exceeds $600. This will need to be reported as income on your 2001 tax return (consult your tax advisor, I am not a tax professional). Be prepared for an increased tax bill in 2001.

-Terry
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement