Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

jcai asked: 1) Despite reaching 62% of GDP in 2003, the national debt in the United States isn’t a huge concern for some economists and policymakers.
1a) Some economists believe that one of the reasons not to worry is that the bulk of the public debt is “internal national debt”–the portion of the national debt [...]

elijahtheprofit asked: Hello! I refinanced my mortgage to take advantage of a 5% reduction in principal, approx $20K. This in an investment property so I understand that this would be a taxable event. I am wondering if I sell the house (owned for 3 years) this year for a $20k loss, would the [...]

JP asked: I filed ch 7 bankruptcy in 2009 and although the discharged debt isn’t considered taxable income, I’m unsure whether there are any other tax implications. Specifically, I’ve read about IRS form 982 (reduction of tax attributes on discharged debt) but I’m not sure if I need to fill that out or not? I [...]

Florencia F asked: Dana Sabin

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mrsthomas_4life asked: Hello I have a question me and husband got our rebate notice on saying to expect our payment on June 6 and on the back it says under review it says “Your calculated stimulus payment is before reduction for certain outstanding non tax debt you owe such as past due child support or [...]

annabanana4883 asked: I’ve been filling out the tax forms, and I worked as an independent contractor last year AND had a different job using a W2. I’ve figured out the taxes for the W2 job, and I think I’ve completed the taxes for the independent contractor job (using 1099-MISC and Schedule C). I’m [...]

Flywheel asked: I’ve read the economic goals of libertarians and fiscal conservatives, but it’s occurred to me that not all of the goals are mutually inclusive.
For instance, it’s possible to enact a flat tax and lower everyone’s taxes…or you could enact a flat tax and raise everyone’s taxes.
Which of these goals matter the most to [...]

Boyz asked: Example: 4 personal credit card loans settled within weeks of each other with a total forgiveness of approx $45K. Insolvent (total assets less total liabilities) by $ 82K (negative) 1 day before and still insolvent by no less than $52K (negative) after any of the forgiven debts. Checked box 1b and [...]

sentravq asked: Hi i got a cancellation of debt in the mail for 924$ from a chase bank(credit card). I was just wondering is there a consequence for this(like tax reduction, tax penalty, etc)? Will this further hurt my credit. Also this year i am making alot more money(50% more). All i [...]

Brian L asked: Could someone please explain line 10a?
Line 10a. In the case of a title 11 case or insolvency (except
when an election under section 108(b)(5) is made), the
reduction in basis is limited to the aggregate of the basis of
your property immediately after the discharge over the
aggregate of your liabilities immediately after the discharge.
(what does [...]